What are the different methods of depreciation and how do they compare?
An example of an AI chatbot conversation about comparing depreciation methods in accounting.
What are the different methods of depreciation and how do they compare?
The main methods of depreciation are straight-line, declining balance, and units of production. Would you like a detailed comparison?
Yes, please explain each method briefly.
Sure! The straight-line method spreads the cost evenly over the asset's useful life. The declining balance method accelerates depreciation, allowing for higher deductions in the earlier years. The units of production method bases depreciation on actual usage. Do you want to know which method is best for your situation?
What factors should I consider when choosing a depreciation method?
Consider the asset's nature, your financial goals, tax implications, and how you plan to use the asset. Each method has its advantages depending on these factors.
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