An In-Depth Guide to Depreciation in Accounting

In this video, I’ll walk you through everything you need to know about Depreciation. We'll cover the basic concept (including the Journal Entries) and these four commonly used Depreciation methods:

▪ Straight Line Depreciation Method
▪ Double-Declining Balance Method
▪ Sum of the Year’s Digits Method
▪ Units of Production Method

Whether you're a student, a small business owner or an accountant, this guide has got you covered!

⏱️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

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#accounting #accountingbasics #accountingstuff

[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

[jackschroder]

Really helpful and easy to understand video, thanks!

[RPOlawale]

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

[Kitty-ljeg]

Very good explanation and information. Thank you!!

[AnaMarieD-yb]

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

[TheLantuna]

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

[boyrobloxian]

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

[lovemiiiina]

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

[AlishaKarim-kp]

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

[omkarprathap.a]

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

[sherwinorallo]

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

[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

[Psa]

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.

[robyee]

so how does this apply to income tax? depreciation strategy is to bring down your taxable income? you didnt really explain the point of depreciation and how it applies to tax return. can i depreciate everything i buy? does it have to be a business expense? what if im not an entrepreneur? what do you do with your closing book value? does that go on your tax return or something?