ACRS Accelerated Cost Recovery System:
The IRS approved method of calculating depreciation method of calculating depreciation expense for tax purposes. Also known as Accelerated Depreciation.
Normally, charges against earnings to write off the cost of and an asset over its estimated useful life. It is a bookkeeping entry and does not represent any cash outlay nor are any funds earmarked for the purpose.
Note: as we progress we will be studying the components of financial statements and depreciation has a very relevant role. Fun!
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