When a company purchases an asset it does not expect the asset to retain its current value forever. Instead, the company expects the asset to depreciate, or loose some of its value over time.

Posting depreciation means to account for depreciation using the proper journal entries. Companies must depreciate their assets annually. Depreciating assets will match the cost to purchase the asset ...

TO PROVIDE BUSINESSES WITH GUIDANCE ON WHEN and how to recognize a liability for asset retirement obligations, FASB issued Statement no. 143, Accounting for Asset Retirement Obligations. The statement ...

Recent changes made by the IRS and Congress have greatly expanded taxpayers’ ability to currently deduct the costs of property purchased for business use, instead of having to depreciate those costs ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Eric's career includes extensive work ...