The goal of accounting is to produce fair and accurate statements about a company's financial performance and condition. An underlying principle of accounting is to connect the expenses that are ...

The GAAP approves four different methods for depreciating business assets: the straight-line method, the units of production method, the declining balance method and the sum-of-the-year's-digits ...

When companies invest in assets, they expect those assets to last a certain number of years. Over time, they’re depreciated based on their remaining serviceable life and any potential saleable value ...