An In-Depth Guide to Depreciation in Accounting

[@AccountingStuff]

What topic should I cover next? Let me know your thoughts ⏱TIMESTAMPS 00:00 - Intro 00:35 - What is Depreciation? 11:24 - Straight Line Depreciation Method 17:58 - Double-Declining Balance Method 23:19 - Sum of the Year's Digits Method 31:03 - Units of Production Method

[@jfdd43]

Fixing common new business bookkeeping mistakes!

[@AnaMarieD-y7b]

Year end closing entries maybe? Thanks!❤

[@AccountingStuff]

@@AnaMarieD-y7b I've covered Closing Entries in this video: kzbin.info/www/bejne/m2LdY5-mmbasfbM

[@AnaMarieD-y7b]

@@AccountingStuff Thank you so much James! Really appreciate it! You’re the best!❤️

[@AccountingStuff]

@@jfdd43 That's a good idea!

[@qazinomanimdadali]

I just want to say best channel to learn accounting from Best editing, best storytelling, best explanation Please keep making videos like this 🔥🔥🔥🔥

[@AccountingStuff]

Thanks, glad you're enjoying these :)

[@prominentconsult]

Your explicit explanation makes accounting very easy as a CPA and lecturer of accoutning I enjoy your explanation.

[@AccountingStuff]

Thanks, glad you enjoyed it :)

[@Kitty-lj7eg]

Very good explanation and information. Thank you!!

[@AccountingStuff]

Thanks!

[@TheLiquidShow-ro2bi]

Very useful info, thanks 😊

[@AccountingStuff]

Glad to hear it!

[@WolfandThreePiggysTV]

I love you James 🎉😊 You saving me 🎉😊

[@AccountingStuff]

All the best :)

[@TheLantuna]

Nice one sir, I really need this topic, thank you very much

[@AccountingStuff]

You're very welcome! Hope it helps :)

[@AnaMarieD-y7b]

Thank you for this video. Very clear and informative.❤️

[@AccountingStuff]

You're very welcome :)

[@jackschroder8538]

Really helpful and easy to understand video, thanks!

[@AccountingStuff]

Thanks Jack! Great to hear you found it useful :)

[@RPOlawale]

We were just tutored on Deprecation at my ICAN Tutorials 😅.. this is helpful

[@olamapayi]

Awwwwn 😊

[@sandipbaral6918]

Oo you from Nepal. I too am aspirant of Ican.

[@AccountingStuff]

Glad it was helpful!

[@jfdd43]

What are the methods for remembering to do all this? A real business likely has a tonne of asserts all bought at different times, and depreciated at different rates. How do you do this in a way where someone looking at the books for the first time knows what was done, and what is left to do?

[@AccountingStuff]

Nowadays the heavy lifting would be done by the Accounting Software

[@boyrobloxian6420]

hi james its me again i find your videos are super funny i love them

[@AccountingStuff]

Thanks, that's great to hear!

[@AlishaKarim-k4p]

could you please do a video on irrecoverable doubtful debt allowances?

[@AccountingStuff]

Thanks for your request!

[@lovemiiiina]

can you give an example of the DDB that has residual value

[@AccountingStuff]

Thanks for your request!

[@omkarprathap.a6052]

hey james great videos can you do videos like this about audit and assurance🙂

[@AccountingStuff]

Thanks for your request!

[@Mannie-]

Hey so I’m taking my first accounting class for school and I have a upcoming exam next week how do I study for it. Like we have learned is the role of accounting business, basic accounting concepts (cash basis) and basic accounting concepts (accrual basis). I’m just so confused

[@AccountingStuff]

Have they given you any practice questions?

[@Mannie-]

Yes

[@AccountingStuff]

@@Mannie- Well I'd start with those and try to do as many as possible. Refer to the explanations for any that you get wrong and read up on those pages of your notes. You've still got time... best of luck!

[@mohamedsabeel1092]

Sir, where did u get the 8.33% in the straight line method

[@PhindileZondi-kj4xz]

Is this relevant in SA(South Africa)

[@AccountingStuff]

Yes, I'd say most of it would be

[@Psa354318]

Maybe it's only because I'm just learning this now, but I'd rather just pay the tax on the money used to buy the machine and be done with it.

[@AccountingStuff]

Sales Tax? Businesses pay Income Tax on their profits, not their expenses.

[@Psa354318]

@AccountingStuff on equipment I buy for my business. If it's 800 I get to write it off over 5 years and don't get to fully wight it off over the 5 year period. It costs me 5 years of stress. I'd rather pay the 33 percent tax for pulling the money out of the company funds and be done with it. Plus of it is bought this way I own it and can sell it without recapture if I no longer need it

[@sherwinorallo4311]

James, How would the Journal Entries look like on the Combine Harvester?

[@sherwinorallo4311]

Was the Combine Harvester paid in Cash, On Account, or was a loan taken out against it? Please advise.

[@susanrodriguez9438]

Do you have anything on depletion?

[@AccountingStuff]

Not yet, but I'll keep it mind for a future video :)

[@susanrodriguez9438]

@AccountingStuff yes please thank you 🙏

[@AccountingStuff]

@@susanrodriguez9438 👍

[@devbot6636]

i think u should (CR) cash and (DR) baking equipment coz as per golden rules of accounting (DR) what comes in AND (CR) what goes out and here Cash is going out and Equipment is coming in

[@ManuelXavier-t3n]

Great! Many thanks! Question: Does the monthly depreciation expense amount change after maintenance and improvements to the Asset?

[@AccountingStuff]

Capital improvements to a fixed asset can extend its useful life or increase its value. As a result, the depreciation expense may need to be recalculated based on the updated book value and revised useful life.

[@MuhammadJamshaid-i3l]

change in useful life and capital expenditure

[@AccountingStuff]

Thanks for your request!

[@angellombness4371]

[comment engagement]

[@AccountingStuff]

Thank you :)

[@rirves]

james :3