ACT 205 Lecture Notes - Lecture 17: Financial Statement, Ath
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Ch8 ls due monday april 2 at 9am. Ch8 problems due thursday april 5 at midnight. Ch9 ls due friday april 6 at 9am. Ch10 ls due monday april 9 ath 9am. A contra-asset account representing the total depreciation taken to date. Equal to the original cost of the asset minus the current balance in accumulated depreciation. How long the company expects to receive benefits from the asset before disposing of it. Can be measured in units of time or in units of activity. The amount the company expects to receive from selling the asset at the end of its service life. Allocates an equal amount of the depreciable cost to each year of the asset"s service life. If an asset is purchased during the year rather than on january 1, the annual depreciation is prorated for the portion of a year it is used. Allocate an asset"s cost based on use rather than time.
