I was surprised to learn about building and equipment depreciation. I knew their value does degrade over time, but I didn't expect it to follow a formula that the IRS sets out.
I still don't understand how if you are a new firm, or doing a totally new project, how would you possibly be able to estimate future cost or revenue accurately. Which many of these budgeting plans use to some degree.
How often is an accountant used in a small business, compared to doing it yourself? This passage also seems to be focused on the big picture, what about figuring out day to day expenses, which I feel would also be important to know.
I kinda feel a bit over my head with this material. I do feel confident in my mathematical ability, but being able to interpret the information correctly seems difficult. Hopefully after taking the financial accounting course this feeling will be different.
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