Accounting - QS Study
QS Study

Annuity Method for Calculating Depreciation

Annuity Method for Calculating Depreciation The annuity method considers that the business besides loosing the original cost of the asset in terms of depreciation and......

Depreciation Calculation

Depreciation is the process of allocating the cost of an asset over its life rather than all at once with regard to tax deductions and......

Identify factors that are relevant in determining the annual depreciation

The factors relevant in determining the annual depreciation for a depreciate asset are the initial recorded amount (cost), estimated salvage value, estimated useful life, and......

Major classes of plant assets

The four categories of plant assets are buildings, equipment, land and improvements. The things we want to discuss are which assets fall into each category and......

Financial Accounting Structure

The following basic assumptions underlie the financial accounting structure: Economic entity assumption The economic entity assumption means that economic activity can be identified with a......

Reducing Balance Method for Calculating Depreciation

Diminishing Balance Method or Reducing Balance Method for Calculating Depreciation Depreciation is a decrease in the price of an asset with the course of time,......

Straight Line Method for Calculating Depreciation

Straight Line Method or Fixed Installment Method for Calculating Depreciation Depreciation is a decrease in the price of an asset with the course of time,......

Which Factors are Determining the Amount of Depreciation?

Depreciation is a decrease in the price of an asset with the course of time, due in particular to wear and tear. All assets whose......

Reconciliation of Bank Accounts

A bank reconciliation is a process performed by a company to ensure that the company’s records (check register, general ledger account, balance sheet, etc.) are......

Terms used for Depreciation

Terms used for Depreciation: Depreciation is a decrease in the price of an asset with the course of time, due in particular to wear and......

The principles of effective Internal Control

17 principles of effective internal control are as follows: Demonstrate commitment to integrity and ethical values. Ensure that board exercises oversight responsibility. Establish structures, reporting......

Application of Computer in Accounts

The main application of a computer in accounting system are listed below: Speed — data entry onto the computer with its formatted screens and built-in......