Financial Accounting-Depreciation Calculation & Fixed Assets

Financial Accounting-Depreciation Calculation & Fixed Assets

Financial Accounting-Depreciation Calculation & Fixed Assets

Depreciation calculation, straight line method, double declining method, units of production method and disposal assets

Language: english

Note: 4.7/5 (308 notes) 46,977 students

Instructor(s): Robert (Bob) Steele

Last update: 2019-06-05

What you’ll learn

  • Accounting for property plant and Equipment
  • Recording the purchase of plant assets
  • Journalizing a lump sum purchase of fixed assets
  • Straight line method of calculating depreciation
  • Double declining method of calculating depreciation
  • Units of production method of calculating depreciation
  • Calculating deprecation for a part of a mouth or year
  • Recording capital expenditures and revenue expenditures
  • Accounting for a change in accounting estimate related to depreciable assets
  • Recording the disposal of property plant and equipment
  • Key accounting terms related to plant assets
  • The accounting cycle

 

Requirements

  • We should have a basic understanding of financial accounting and debits and credits

 

Description

Property plant and equipment, also known as plant assets, fixed assets, or depreciable assets is what we will cover.

We will discuss what property plant and equipment is and how to record property plant and equipment.

Multiple depreciation methods will be covered including the straight-line depreciation method, the double declining depreciation method, and the units of production depreciation method. We will discuss the pros and cons of each depreciation method and outline a format for structuring any deprecation problem.

While calculation depreciation expense we will also calculate accumulated depreciation and book value. It’s important to remember the context we are in when calculating depreciation, the reason for the work. Test questions often do not ask for the calculation of depreciation but for accumulated depreciation or the book value because these components take a little more time and understanding and to work out.

The straight-line method of depreciation is the easiest method to calculate and the method all other methods are derived from.

The double declining depreciation method in an accelerated method, designed to depreciate more in early years a less in later years.

The units of production depreciation method uses units produced rather than time as the driver of cost allocation.

We will discuss the difference between capital expenditures and revenue expenditures, and we will cover the disposal process of property plant and equipment.

When fixed assets are disposed of they may or may not be fully depreciated and we may or may not receive cash at the point of disposal. We will discuss the journal entries for property plant and equipment starting with the most straightforward transaction and building from there.

We will also cover changes in accounting estimates for the calculation of depreciation and how best to account for them.

Definitions and key terms related to property plant and equipment will be covered as well as a comprehensive problem.

In addition to the instructional videos, this course will include downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Content Includes:

  • Recording the purchase of fixed assets
  • The straight-line method of calculating deprecation
  • The double declining balance method of calculating deprecation
  • The units of production method of calculating deprecation
  • Calculating deprecation for a part of a month or year
  • Recording capital expenditures and revenue expenditures
  • Calculating and recording changes in accounting estimates related to depreciation
  • Recording disposals of plant assets
  • Key terms and definitions related to property plant and equipment

 

Who this course is for

  • Accounting students
  • Business owner
  • Business professionals
  • Anyone who whats to learn accounting

 

Course content

  • Introduction
    • Introduction
    • PDF – 10 Property Plant & Equipment
    • 10 Property Plant & Equipment
  • Lump Sum Purchase
    • 2 Lump Sum Purchase
    • PDF – 20 Lump Sum Purchase
    • 20 Property Plant & Equipment Lump Sum Purchase
    • Excel Worksheet Download
    • Worksheet – 20 Lump Sum Purchase
    • 10 Discussion Question – Property Plant & Equipment
    • Quick Comic Break
  • Straight Line Method of Depreciation
    • 3 Straight Line Method of Depreciation
    • PDF 30 Calculating Depreciation Straight Line D & D
    • 30 Calculating Depreciation Straight Line
    • Excel Worksheet Download
    • Worksheet – 30 Depreciation Straight Line Ex Part 1
    • Worksheet – 30.1 Depreciation Straight Line Ex Part 2
    • 20 Discussion Question – Property Plant & Equipment
    • Multiple Choice 1 – Property Plant & Equipment
    • Quick Comic Break
  • Double Declining Balance Method of Depreciation
    • 4 Double Declining Balance Method of Depreciation
    • PDF – 40 Calculating Depreciation Double Declining Bal D & D
    • 40 Calculating Depreciation Double Declining Balance
    • Excel Worksheet Download
    • Worksheet – 40 Depreciation Ex double declining Part 1
    • 40.1 Depreciation Ex double declining part 2
    • Worksheet – 40.2 Depreciation Ex double declining part 3
    • 30 Discussion Question – Property Plant & Equipment
    • Multiple Choice 2 – Property Plant & Equipment
    • Quick Comic Break
  • Units of Production Depreciation Method
    • 5 Units of Production Depreciation Method
    • PDF – 50 Calculating Depreciation Units of Production D & D
    • 50 Calculating Depreciation Units of Production
    • Excel Worksheet Download
    • Worksheet – 50 Depreciation units of production Part 1
    • 50.1 Depreciation Ex units of production Part 2
    • 40 Discussion Question – Property Plant & Equipment
    • Multiple Choice 3 – Property Plant & Equipment
    • Quick Comic Break
  • Calculating Depreciation for a Partial Period
    • 6 Calculating Depreciation for a Partial Period
    • PDF – Depreciation for Partial Year
    • Partial Year Depreciation
    • Excel Worksheet Download
    • Worksheet – 55 Partial Year Depreciation
    • 50 Discussion Question – Property Plant & Equipment
    • Multiple Choice 4 – Property Plant & Equipment
    • Quick Comic Break
  • Capital Expenditures and Revenue Expenditures
    • 7 Capital Expenditures and Revenue Expenditures
    • PDF – 60 Capital and Revenue Expenditures
    • Capital and Revenue Expenditures
    • 60 Discussion Question – Property Plant & Equipment
    • Multiple Choice 5 – Property Plant & Equipment
    • Short Calculation 1
    • Quick Comic Break
  • Changes in Accounting Estimates
    • 8 Changes in Accounting Estimates
    • PDF – 60 Change In Estimates
    • 60 Change In Estimates
    • Excel Worksheet Download
    • Worksheet 60 Depreciation Change of Estimate
    • 70 Discussion Question – Property Plant & Equipment
    • Multiple Choice 6 – Property Plant & Equipment
    • Short Calculation 2
    • Quick Comic Break
  • Disposals of Property Plant and Equipment
    • 9 Disposals of Property Plant and Equipment
    • PDF – 70 Disposal – Fully Depreciated
    • 70 Disposals Fully Depreciated No Cash Received
    • Excel Worksheet Download
    • 70.1 Worksheet – Disposals Fully Depreciated No Cash
    • PDF – 80 Disposal – Fully Depreciated Cash Received
    • 80 Disposal Fully Depreciated & Cash Received u
    • Excel Worksheet Download
    • Worksheet 80 – Disposals Fully Depreciated Cash Received
    • PDF – 90 Disposal – Not Fully Depreciated
    • 90 Disposal – Not Fully Depreciated
    • Excel Worksheet Download
    • Worksheet 90 – Disposals Not Fully Depreciated No Cash
    • PDF – 100 Disposal – Not Fully Depreciated & Cash Received
    • 100 Disposal Not Fully Depreciated & Cash Received
    • Excel Worksheet Download
    • Worksheet 100 – Disposals Not Fully Depreciated Cash Received
    • 80 Discussion Question – Property Plant & Equipment
    • Multiple Choice 7 – Property Plant & Equipment
    • Short Calculation 3
    • Quick Comic Break
  • Definitions & Key Terms
    • 10 Definitions & Key Terms
    • Accelerated Depreciation Method definition
    • Betterments Definition – What are Betterments%3F
    • Book Value definition – What is Book Value%3F
    • Change in Accounting Estimate Definition – What is Change in
    • Declining Balance Method Definition – What is Declining – Ba
    • Depreciation Definition – What is Depreciation%3F
    • Intangible Assets Definition -What are Intangible Assets%3F
    • Lease Definition – What is a Lease%3F
    • Leasehold Definition – What is Leasehold%3F
    • Leasehold Improvements Definition – What is Leasehold Improv
    • Lessee Definition – What is Lessee%3F
    • Lessor Definition – What is Lessor%3F
    • Limited Life Definition – What is Limited Life%3F
    • Ordinary Repairs Definition – What are Ordinary Repairs%3F
    • Plant Assets Definition – What are Plant Assets%3F
    • Salvage Value Definition – What is Salvage Value%3F
    • Straight-Line Depreciation definition – What is Straight-Line Depreciat
    • Units of Production Depreciation Definition – What is Units
    • Useful LIfe Definition – What is Useful Life%3F
    • Quick Comic Break
  • Comprehensive Problem
    • 11 Comprehensive Problem
    • Excel Download
    • 1 Accounting%2C Financial – Comp Prob Service Co 1 Part 1
    • 2 Accounting%2C Financial – Comp Prob Service Co 1 Part 2
    • 3 Accounting%2C Financial – Comp Prob Service Co 1 Part 3
    • 4 Accounting%2C Financial – Comp Prob Service Co 1 Part 4
    • 5 Accounting%2C Financial – Comp Prob Service Co 1 Adjusting Entries part 5
    • 6 Comp Prob Service Co 1 Adjusting Entries part 6
    • 7 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 7
    • 8 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 8
    • 9 Accounting%2C Financial – Comp Prob Service Co 1 Closing Process Part 9
    • 10 Comp Prob Service Co 1 Closing Process part 10
    • Quick Comic Break

 

Financial Accounting-Depreciation Calculation & Fixed AssetsFinancial Accounting-Depreciation Calculation & Fixed Assets

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