Excerpt from Principles of Depreciation
The general subject of depreciation has recently been given much attention by accountants, engineers, and others interested in the financial and mechanical problems of modern corporate enterprise. Vast accumulations of wealth and a great range in the possibilities of investment have necessitated a study of the economics of business with a view to increased efficiency, safety, and justice in the complex field of industry.
In this book a study is made of the depreciation of capital values which in their manifold forms constitute a large share of the world's wealth. Oftentimes regarded as an abstract and theoretical problem, it is really one of intense practicability. In the nature of things it is an unavoidable problem, and any objection that may be offered on the score of its indefiniteness is outweighed by the necessity of mastering it.
The depreciation problem may be viewed from two standpoints - that of the accountant and that of the engineer. The engineer deals with physical conditions, studies plant deterioration, the necessity of replacement, and so on. The accountant devises ways and means of recording in the most intelligible manner the facts in connection with these changes. The work of the two should be correlated through a common understanding of the character and extent of depreciation. The engineer having shown what the rate of depreciation is, the accountant suggests devices for recording it, for providing replacement funds, etc., and thus for the preservation of capital value.
Various methods have been suggested as suitable for determining the annual depreciation charge.
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