Financial Accounting-Depreciation Calculation & Fixed Assets
4.4 (111 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
14,217 students enrolled

Financial Accounting-Depreciation Calculation & Fixed Assets

Depreciation calculation, straight line method, double declining method, units of production method and disposal assets
4.5 (108 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
14,217 students enrolled
Last updated 6/2019
English
English [Auto-generated]
Current price: $119.99 Original price: $199.99 Discount: 40% off
23 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 12 hours on-demand video
  • 25 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
What you'll 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
Requirements
  • We should have a basic understanding of financial accounting and debits and credits
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.

In addition to the instructional videos, this course will include downloadable

•    Downloadable PDF Files

•    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
Who this course is for:
  • Accounting students
  • Business owner
  • Business professionals
  • Anyone who whats to learn accounting
Course content
Expand all 109 lectures 11:56:02
+ Lump Sum Purchase
6 lectures 14:52
2 Lump Sum Purchase
01:11
PDF - 20 Lump Sum Purchase
00:08
Excel Worksheet Download
00:05
Worksheet - 20 Lump Sum Purchase
07:19
Define property plant and equipment and how to account for them.
10 Discussion Question - Property Plant & Equipment
1 question
Quick Comic Break
00:13
+ Straight Line Method of Depreciation
8 lectures 59:48
3 Straight Line Method of Depreciation
00:55
PDF 30 Calculating Depreciation Straight Line D & D
00:08
30 Calculating Depreciation Straight Line
31:15
Worksheet - 30 Depreciation Straight Line Ex Part 1
11:01
Worksheet - 30.1 Depreciation Straight Line Ex Part 2
11:29
Describe depreciation and what is needed to calculate it.
20 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 1 - Property Plant & Equipment
04:43
Quick Comic Break
00:12
+ Double Declining Balance Method of Depreciation
9 lectures 01:22:38
4 Double Declining Balance Method of Depreciation
01:10
PDF - 40 Calculating Depreciation Double Declining Bal D & D
00:08
Excel Worksheet Download
00:05
Worksheet - 40 Depreciation Ex double declining Part 1
11:01
40.1 Depreciation Ex double declining part 2
11:09
Worksheet - 40.2 Depreciation Ex double declining part 3
12:44
Describe factors that make it difficult to estimate useful life.
30 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 2 - Property Plant & Equipment
07:41
Quick Comic Break
00:12
+ Units of Production Depreciation Method
8 lectures 01:11:16
5 Units of Production Depreciation Method
00:54
PDF - 50 Calculating Depreciation Units of Production D & D
00:08
50 Calculating Depreciation Units of Production
33:51
Excel Worksheet Download
00:05
Worksheet - 50 Depreciation units of production Part 1
15:01
50.1 Depreciation Ex units of production Part 2
13:12
Describe the process for changes in depreciation estimates.
40 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 3 - Property Plant & Equipment
07:52
Quick Comic Break
00:13
+ Calculating Depreciation for a Partial Period
7 lectures 32:48
6 Calculating Depreciation for a Partial Period
00:58
PDF - Depreciation for Partial Year
00:08
Partial Year Depreciation
09:48
Excel Worksheet Download
00:05
Worksheet - 55 Partial Year Depreciation
11:24
Compare and contrast different depreciation methods.
50 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 4 - Property Plant & Equipment
10:12
Quick Comic Break
00:13
+ Capital Expenditures and Revenue Expenditures
6 lectures 27:42
7 Capital Expenditures and Revenue Expenditures
00:56
PDF - 60 Capital and Revenue Expenditures
00:08
Capital and Revenue Expenditures
08:25
Describe the cost principle, property plant and equipment and lump-sum purchases.
60 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 5 - Property Plant & Equipment
06:44
Short Calculation 1
11:16
Quick Comic Break
00:13
+ Changes in Accounting Estimates
8 lectures 42:06
8 Changes in Accounting Estimates
00:37
PDF - 60 Change In Estimates
00:08
60 Change In Estimates
10:21
Excel Worksheet Download
00:05
Worksheet 60 Depreciation Change of Estimate
11:56
Describe revenue expenditures and capital expenditures.
70 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 6 - Property Plant & Equipment
07:08
Short Calculation 2
11:31
Quick Comic Break
00:20
+ Disposals of Property Plant and Equipment
20 lectures 01:22:04
9 Disposals of Property Plant and Equipment
01:01
PDF - 70 Disposal - Fully Depreciated
00:08
70 Disposals Fully Depreciated No Cash Received
07:33
Excel Worksheet Download
00:05
70.1 Worksheet – Disposals Fully Depreciated No Cash
05:25
PDF - 80 Disposal - Fully Depreciated Cash Received
00:08
80 Disposal Fully Depreciated & Cash Received u
07:38
Excel Worksheet Download
00:05
Worksheet 80 – Disposals Fully Depreciated Cash Received
05:54
PDF - 90 Disposal - Not Fully Depreciated
00:08
90 Disposal - Not Fully Depreciated
08:26
Excel Worksheet Download
00:05
Worksheet 90 – Disposals Not Fully Depreciated No Cash
09:22
PDF - 100 Disposal - Not Fully Depreciated & Cash Received
00:08
100 Disposal Not Fully Depreciated & Cash Received
08:38
Excel Worksheet Download
00:05
Worksheet 100 – Disposals Not Fully Depreciated Cash Received
07:50
Describe the process for recording disposals.
80 Discussion Question - Property Plant & Equipment
1 question
Multiple Choice 7 - Property Plant & Equipment
04:48
Short Calculation 3
14:16
Quick Comic Break
00:21
+ Definitions & Key Terms
21 lectures 58:38
10 Definitions & Key Terms
00:26
Accelerated Depreciation Method definition
04:49
Betterments Definition - What are Betterments%3F
02:12
Book Value definition - What is Book Value%3F
06:07
Change in Accounting Estimate Definition - What is Change in
03:47
Declining Balance Method Definition - What is Declining - Ba
05:28
Depreciation Definition - What is Depreciation%3F
02:33
Intangible Assets Definition -What are Intangible Assets%3F
01:35
Lease Definition - What is a Lease%3F
01:25
Leasehold Definition - What is Leasehold%3F
01:55
Leasehold Improvements Definition - What is Leasehold Improv
01:44
Lessee Definition - What is Lessee%3F
01:35
Lessor Definition - What is Lessor%3F
01:39
Limited Life Definition - What is Limited Life%3F
03:03
Ordinary Repairs Definition - What are Ordinary Repairs%3F
02:06
Plant Assets Definition - What are Plant Assets%3F
02:15
Salvage Value Definition - What is Salvage Value%3F
02:48
Straight-Line Depreciation definition - What is Straight-Line Depreciat
04:16
Units of Production Depreciation Definition - What is Units
05:47
Useful LIfe Definition - What is Useful Life%3F
02:48
Quick Comic Break
00:20