Know how to compute and record depreciation for book v. tax purposes. Master the 4 major GAAP depreciation methods, set up and maintain the depreciation schedule and record the JEs for depreciation. Be able to depreciate assets for tax purposes under MACRS; use the Section 179 deduction; and depreciate trucks, SUVs and other vehicles v. cars.

Everything you need:

  • Instructor-led online lessons, reinforcement homework problems, comprehensive workbook with reinforcement quizzes to lock in your new skill, and optional open-book final exam. (Note: Workbook will ship to you after your 10-day trial has expired. View the student enrollment agreement.)
  • Self-paced—learn on your own schedule.
  • Access to your instructor with any questions.
  • A personal Certificate of Completion suitable for framing if you take the optional open-book final exam and achieve a grade of at least 70.
  • 1 month to complete (an extension fee may be charged)

Mastering Depreciation is included in the online Certified Bookkeeper (CB) Prep Course.

Member Price ( Log in to receive your member discount): $325.00

$345.00 Member Price: $325.00

SKU: Mastering Depreciation Online Course Category:

Instructor-led lessons • Self-paced—learn on your schedule

Lesson 1

  • Depreciation for book v. tax purposes. Two ways to compute depreciation.
  • Depreciation for book purposes (GAAP). Determining the cost of an asset v. group of assets v. contributed assets under GAAP. Setting the asset’s estimated life, residual value and book value. How depreciation appears on the financial statements.

Lesson 2

  • The straight-line method of depreciation. How to compute, allocate, book and set up the schedule for straight-line depreciation.
  • The units of production method of depreciation. How to compute, allocate, book and set up the schedule for units of production depreciation.

Lesson 3

  • The declining balance method of depreciation. How to compute, allocate, book and set up the schedule for declining balance depreciation.
  • The sum-of-the-years’-digits method of depreciation. How to compute, allocate, book and set up the schedule for sum-of-the-years’-digits of depreciation

Lesson 4

Depreciation for tax purposes. How to depreciate equipment and buildings under MACRS, apply the half-year, mid-quarter and mid-month conventions. When and how to elect the Section 179 deduction. Setting up and maintaining the tax depreciation schedule.

Lesson 5

  • Depreciation vehicles and cars for tax purposes. Using Sec. 179 v. tax depreciation for vehicles that are modified or weigh over 6,000 lbs. How annual IRS depreciation limits apply to cars, unmodified SUVs, pickups and vans weighing up to 6,000 lbs. Recording depreciation of employee personal use of company vehicles. Setting up and maintaining the tax depreciation schedule.

Final Exam

Take the open-book final exam online, attain a grade of at least 70, and instantly receive a personal Certificate of Completion in Mastering Depreciation, suitable for framing.