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.

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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