Team Reflection

Categories: BusinessTeam

During Week Four Team D discussed the objectives learned in Week Three. In the following paragraphs, Team D will provide examples of the effect of using different depreciation methods and its effects of decision-making by the management. Team D will also analyze why reporting intangible assets are challenging for accountants. Depreciation is a way for a company to reduce the value of a tangible asset over its useful life. Assets such as buildings, equipment, vehicles, and machinery should be depreciated. The amount of depreciation expense is provided on the income statement during the period referenced on the heading.

The accumulated or cumulative depreciation total is reported as an expense on the income statement when the assets are acquired.

The assets cost are used up during a portion of the accounting period. Straight line method takes the amount to be depreciated and divides it evenly over the useful life of the asset. Straight line deprecation records an equal amount for every year of an asset’s usefulness until it is scraped or used up.

Get quality help now
Sweet V
Verified writer

Proficient in: Business

4.9 (984)

“ Ok, let me say I’m extremely satisfy with the result while it was a last minute thing. I really enjoy the effort put in. ”

+84 relevant experts are online
Hire writer

This amount is on the income statement and allows for the steady deprecation cost amounts and better earnings. The unit of production method an asset is assigned a finite number of units it should produce, as the asset is used it eats away at the remaining units.

The double declining balance is calculated just like the straight line, just at the accelerated rate of 2 times. Intangible assets are reported on a company’s financial statements. Examples of intangible assets include: goodwill, patents, trademarks, copyrights, brand names, and companies’ methodology.

Get to Know The Price Estimate For Your Paper
Topic
Number of pages
Email Invalid email

By clicking “Check Writers’ Offers”, you agree to our terms of service and privacy policy. We’ll occasionally send you promo and account related email

"You must agree to out terms of services and privacy policy"
Write my paper

You won’t be charged yet!

Intangible assets are often challenging because they are long-term and do not have physical existence and are not classified as a monetary asset. The worth of a intangible assets are estimated and depends on many different factors.

Cite this page

Team Reflection. (2016, Aug 19). Retrieved from https://studymoose.com/team-reflection-essay

Team Reflection

👋 Hi! I’m your smart assistant Amy!

Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.

get help with your assignment