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Bookkeeping For Dummies, 2nd Australian & New Zealand Edition by Lynley Averis, Veechi Curtis

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Chapter 12

Managing Inventory and Other Assets

In This Chapter

arrow.png Recording the buying and selling of widgets, lingerie, haggis and much more

arrow.png Doing a head count of what’s in stock

arrow.png Balancing up your inventory account

arrow.png Buying and selling motor vehicles, new equipment and other assets

arrow.png Calculating depreciation and keeping tabs on asset values

When I was writing this chapter for the first edition, Finbar, my (then) 10-year-old son, was looking over my shoulder. ‘What’s depreciation?’ he asked curiously, reading my detailed explanations about assets and asset values, and different ways to calculate depreciation. ‘It’s when something gets old’, I replied somewhat distractedly, ‘and it isn’t worth so much anymore. Depreciation is how you account for the decline in value of something.’

‘Hmm’, replied Finbar. ‘Does that mean you’re depreciating?’ ‘No’ came my terse response. ‘I don’t depreciate. I appreciate, meaning I’m more valuable and more beautiful with every year that passes.’ ‘No need to ...

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