Yes equipment depreciates differently, see IRS pub 946
Some like lumping fixed assets in one account, but IMO that makes it really hard when you scrap/sell/tradein the asset. And if you lump accumulated depreciation it gets harder
I set up my fixed asset structure something like this, doing it this way on the balance sheet I can just collapse the fixed asset account and see the over all total (parent accounts in QB are summing accounts and you do not post to a parent account)
fixed assets
>> vehicles
>> >> Ford F350
>> >> >> cost
>> >> >> accumulated deprec, F350
>> >> Perterbuilt
>> >> >> cost
>> >> accumulated deprec, Peterbuilt
>> Tools & Equipment
>> >> >> Lathe
>> >> >> >> cost
>> >> >> >> accumulated deprec Lathe
