1. BUSINESS HIGH SCHOOL-ACCOUNTING II
Property
Plant and Equipment
Chapter 6
Disposing
Of Plant
Assets
Discarding
Selling
Exchanging
Loss or Gain on Disposal
Methods of
Calculating
Depreciation
Units of Production
Sum of the Years
Straight Line
Declining Balance
Accounting II Essential Learning Expectations-Chapter 6:
Property, plant, and equipment assets are long-lived assets that are used in the business for a number of years.
There are four methods of determining depreciation.
When a business discards or sells plant assets, the losses and gains are recorded in the Loss or Gain on Disposal account.
When a business exchanges a plant asset for a similar plant asset, losses are recognized in the accounting records, gains are not.
Content Vocabulary:
Accumulated Depreciation
Depreciable Cost
Intangible Assets
Salvage Value