Commerce Exam > Commerce Notes > Accountancy Class 11 > PPT : Depreciation Accounting - 5
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Page 1 CPT Section A: Fundamentals of Accounting Chapter-5 Part 5: Miscellaneous Concepts of Depreciation CA. Poonam Patni Depreciation Accounting Page 2 CPT Section A: Fundamentals of Accounting Chapter-5 Part 5: Miscellaneous Concepts of Depreciation CA. Poonam Patni Depreciation Accounting THE TOPICS ALREADY COVERED IN PART : 4 INSURANCE POLICY METHOD DEPLETION METHOD DOUBLE DECLINING METHOD SALE OF DEPRECIABLE ASSET Page 3 CPT Section A: Fundamentals of Accounting Chapter-5 Part 5: Miscellaneous Concepts of Depreciation CA. Poonam Patni Depreciation Accounting THE TOPICS ALREADY COVERED IN PART : 4 INSURANCE POLICY METHOD DEPLETION METHOD DOUBLE DECLINING METHOD SALE OF DEPRECIABLE ASSET LEARNING OBJECTIVES Change in method of Depreciation Revision of the estimated useful life of the asset Revaluation of depreciable asset Provision for repairs & renewals Practice Questions Page 4 CPT Section A: Fundamentals of Accounting Chapter-5 Part 5: Miscellaneous Concepts of Depreciation CA. Poonam Patni Depreciation Accounting THE TOPICS ALREADY COVERED IN PART : 4 INSURANCE POLICY METHOD DEPLETION METHOD DOUBLE DECLINING METHOD SALE OF DEPRECIABLE ASSET LEARNING OBJECTIVES Change in method of Depreciation Revision of the estimated useful life of the asset Revaluation of depreciable asset Provision for repairs & renewals Practice Questions CHANGE IN THE METHOD OF DEPRECIATION CHANGE- Ex: From SLM to WDV method or vice versa. Statutory requirement Compliance with the accounting standard Appropriate preparation & presentation of the financial statements WHEN Page 5 CPT Section A: Fundamentals of Accounting Chapter-5 Part 5: Miscellaneous Concepts of Depreciation CA. Poonam Patni Depreciation Accounting THE TOPICS ALREADY COVERED IN PART : 4 INSURANCE POLICY METHOD DEPLETION METHOD DOUBLE DECLINING METHOD SALE OF DEPRECIABLE ASSET LEARNING OBJECTIVES Change in method of Depreciation Revision of the estimated useful life of the asset Revaluation of depreciable asset Provision for repairs & renewals Practice Questions CHANGE IN THE METHOD OF DEPRECIATION CHANGE- Ex: From SLM to WDV method or vice versa. Statutory requirement Compliance with the accounting standard Appropriate preparation & presentation of the financial statements WHEN In case of change in method of depreciation. Recalculation of depreciation is done in according to the new method of depreciation. Deficiency or surplus arising from such retrospective recomputation should be Dr. or Cr. to the P&L a/c of the year of change of method.Read More
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FAQs on PPT : Depreciation Accounting - 5 - Accountancy Class 11 - Commerce
| 1. What is depreciation accounting? |  |
Ans. Depreciation accounting is a method used to allocate the cost of an asset over its useful life. It helps in recognizing and recording the decrease in value of an asset due to wear and tear, obsolescence, or other factors.
| 2. How is depreciation calculated? | |
Ans. Depreciation can be calculated using various methods such as straight-line depreciation, declining balance depreciation, or units of production depreciation. The most common method is the straight-line method, where the cost of the asset is divided by its useful life to determine the annual depreciation expense.
| 3. What is the purpose of depreciation accounting? | |
Ans. The purpose of depreciation accounting is to accurately reflect the reduction in value of an asset over time. It helps in matching the cost of the asset with the revenue it generates during its useful life, ensuring that the financial statements provide a true and fair view of the company's financial position.
| 4. How does depreciation affect financial statements? | |
Ans. Depreciation affects financial statements by reducing the value of the asset on the balance sheet and increasing the depreciation expense on the income statement. This leads to a decrease in the company's net income and profitability. Additionally, it also impacts the company's cash flow statement as it represents a non-cash expense.
| 5. Can depreciation be reversed or cancelled? | |
Ans. No, depreciation cannot be reversed or cancelled once it has been recorded. It reflects the systematic allocation of the asset's cost over its useful life and cannot be undone. However, if the asset's useful life or value is revised, the depreciation method or rate can be changed to reflect the updated information.
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