Appreciation For Depreciation

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What is accumulated depreciation? Depreciating fixed assets can be a simple accounting procedure. There are depreciation methods and ways to account for depreciation and the amount that has accumulated during the useful life of the fixed asset. However, to really understand the definition of depreciation and what recording and adjusting for depreciation really means, you must first understand the ideas of fixed assets and asset adjustments for the passage of time. This video is the best explanation of what depreciation really is, and where the idea comes from. You must first learn basic accounting adjustments. This used to mean recording journal entries at the end of the accounting cycle to record the decrease in asset value for the amount of asset used. The current assets like, “prepaid rent”, “prepaid insurance” and “supplies” are easy to understand as adjustments to rent expense, insurance expense and supplies expense respectively. However, when adjusting fixed assets for using their value over time, you need the “contra account” accumulated depreciation. For some, this is the first introduction to a contra account.
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