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Weekly Reflection Paper

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What are the differences among valuation, depreciation, amortization, and depletion?

The differences among valuation, depreciation, amortization, and depletion are that valuation is the process of valuing a company’s assets for financial reporting purposes. Depreciation is the process of allocation to expense the cost of plant assets over its useful life (or service) in a rational and systematic way. It is used on tangible assets such a property, plant and equipment (with the exception of land). Amortization is a process of allocating cost of a company’s assets over its limited life the differences is that amortization is used for intangible assets such grants, patents, copyrights, franchise and leases Finally, depletion is a process similar to depreciation where instead it allocates cost of company’s assets, specifically natural resources. This includes, oil, coal, natural gas, and timber.

Is it appropriate to calculate depreciation using two different methods? Explain why or why not.

When it comes to the appropriateness of calculating depreciation with two different methods it is not against the rules to change the method however it is recommend that one method should be used throughout the useful life of the asset because the consistency enhances the comparability of the financial statements.

Which depreciation method provides you with the highest depreciation expense in the first year? Explain why.

The depreciation method that provides the highest depreciation expense in the first year is the declining-balance method also known as the accelerated-depreciation method. This happens because the deprecation is based on the book value. Although the deprecation rate stays the same the change in the book value changes the depreciation from one year to the next. So what the asset is new and has more usefulness more deprecation is taken and as the...

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