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ATARMAxxing · WACE Year 11 Accounting and Finance revision notes

Depreciation and inventory costing concepts

Unit 2: Accrual accounting · Unit 2 Financial institutions and systems: Financial systems and fundamental principles (depreciation and inventory costing)
U2 · Unit 2 Financial institutions and systems: Financial systems and fundamental principles (depreciation and inventory costing)

What this note covers

  1. Depreciable non-current assets and depreciation expense
  2. Determining the cost of a depreciable asset
  3. Choosing a method and over or under depreciation
  4. Inventory costing: FIFO and weighted average

4 sections · 10 key terms & formulas · 5 common mistakes

Common questions

What does the WACE Year 11 Accounting and Finance note "Depreciation and inventory costing concepts" cover?

This note has 4 sections on Depreciation and inventory costing concepts. It includes 10 key terms and formulas, plus 5 common mistakes. It covers U2, Unit 2 Financial institutions and systems: Financial systems and fundamental principles (depreciation and inventory costing). The full section list is shown under “What this note covers”.

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WACE Year 11 Accounting and Finance · revision note 9 of 12