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# Financial Accounting-Depreciation Calculation & Fixed Assets

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

4.22 (187 reviews)

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## What you will 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

## 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.

•    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

## 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

Worksheet - 20 Lump Sum Purchase

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

Worksheet - 30 Depreciation Straight Line Ex Part 1

Worksheet - 30.1 Depreciation Straight Line Ex Part 2

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

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

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

Worksheet - 50 Depreciation units of production Part 1

50.1 Depreciation Ex units of production Part 2

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

Worksheet - 55 Partial Year Depreciation

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

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

Worksheet 60 Depreciation Change of Estimate

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

70.1 Worksheet – Disposals Fully Depreciated No Cash

PDF - 80 Disposal - Fully Depreciated Cash Received

80 Disposal Fully Depreciated & Cash Received u

Worksheet 80 – Disposals Fully Depreciated Cash Received

PDF - 90 Disposal - Not Fully Depreciated

90 Disposal - Not Fully Depreciated

Worksheet 90 – Disposals Not Fully Depreciated No Cash

PDF - 100 Disposal - Not Fully Depreciated & Cash Received

100 Disposal Not Fully Depreciated & Cash Received

Worksheet 100 – Disposals Not Fully Depreciated Cash Received

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

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

## Reviews

I
Itzel13 December 2020

It's very easy to follow the course, with the instructor being very clear and with the exercises I can practice more.

S
Samantha30 August 2020

The course was really good, learnt lump sump purchases which I was unsure how to allocate costs. The course goes through really good definitions and examples. Shame it didn't have a practical excel depreciation schedule to got through at the end.

C
Christine25 March 2020

It is a good match. I appreciate the large items on the slides and the ability to download material. The presenter is easy to hear and understand

L
Lynn4 October 2019

This was a very in depth comprehensive course. I knew it was long when I signed up, so i did it over a couple weeks. Very informative. I do understand that you would need to know excel to follow along, there was a lot of tips and tricks and little lessons on excel during the process, which I, personally thought added to the over all time. Perhaps a pre-req would be some knowledge of excel, so all those basic excel functions wouldn't be necessary? Overall, great information on depreciation and disposals, very informative and the downloads will be very helpful as I apply this information to my books.

S
Susan26 August 2019

I feel that there was perhaps a little too much repetition and I would preferred more active participation in multiple choice questions. The resource tools are excellent. Overall I enjoyed the course and feel I have more knowledge about depreciation and fixed assets than before. Thank you.

P
Pollyanne10 August 2019

This is perfect for me. I learned all of this 20 years ago, but did not use it and have needed a refresher. This is all mirroring my Fixed Asset training at work right now.

T
Trina13 November 2018

From this instructor's level of detail, examples that were provided, to his speed were all exceptional. I would like to know what other courses this instructor teaches.

I
Ivana18 August 2018

Another excellent course by Bob! Very hands-on and down-to-earth with detailed demonstration of how it all should be done and presented in Excel in practice. The explanations are easy to understand and follow. Only a person with extensive knowledge and a lot of practical experience in the field is able to present accounting topics in such an engaging and easy-to-understand way. I highly recommend this and other accounting courses by the same instructor.

J
Jenny29 May 2018

The course does a great job of focusing in on depreciation in a detailed why that I have not seen any other place.

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Udemy ID

## 5/17/2018

Course created date

## 9/28/2019

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