Furniture, fixtures and disposal of non-current assets, Auditing

Furniture, Fixtures and Disposal of Non-Current Assets

Furniture, fixtures and fittings

The only matter here to note is the depreciation of fittings and fixtures.  Since of their nature, this is mostly done on replacement basis than calculated and then charged on an annual basis.  However the initial cost is capitalized and several subsequent replacements are charged to the loss and profit account as they are happen.  Furniture is depreciated simply like and machinery plant.

Disposal of Non-current Assets

The matter here is authorization for disposal and the rejection of the assets related from the records.  The auditor tries to make sure which the value obtained was reasonable either through looking on valuations obtained independently also from professional value's previous to the disposal and looking at the book value of the asset and concerned values for assets of such nature.

Posted Date: 1/25/2013 2:05:18 AM | Location : United States







Related Discussions:- Furniture, fixtures and disposal of non-current assets, Assignment Help, Ask Question on Furniture, fixtures and disposal of non-current assets, Get Answer, Expert's Help, Furniture, fixtures and disposal of non-current assets Discussions

Write discussion on Furniture, fixtures and disposal of non-current assets
Your posts are moderated
Related Questions
Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

Fraudulent financial reporting Involves intentional misstatements or errors of amounts or disclosures in financial statements to mislead financial statement users. Fraudulent f

In a financial audit, management assertions or financial statement assertions is the set of information that the preparer of financial statements (management) is providing to anoth

Non-Adjusting Events - Audit Process Non-adjusting events are those that are indicative of conditions such arose than the balance sheet date as a decline in the market price o

Method of corrercting evidence?

types of EDP accounting system and impact of EDP accounting controls

The management of a newly incorporated company is unsure as to the need for an audit. Your services have been requested to explain to management the concept of auditing. Requir

General Verification Procedures - Audit Process 1. Get or prepare a schedule for each and every class of liability. Usually this would indicate the makeup of the liability a

Q. Explain about Wash Sale? Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 day

Advantages and Disadvantages of a Continuous Audit Advantages: The regular or continual attendance of the auditor might act as a deterrent to scam; Weaknesses in the