What is depreciation?

Why is it not possible to make a precise calculation of depreciation until the end of the asset$$s useful life?

What is the simplest and most common depreciation method?

What is the formula for calculating straight$-$line depreciation?

How is depreciation for partial years handled when straight$-$line depreciation is used?

What is the adjusting entry for depreciation?

What type of account is $$Accumulated Depreciation$?$

What is a contra Account?

Where does Accumulated Depreciation go on the balance sheet?

What is the formula for Declining Balance Depreciation?

What do you do if the asset is purchased mid$-$year?