Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Fixed Assets
These are tangible, relatively long-lived items owned through the business. The benefit of these assets is obtainable not only in the accounting period wherein the cost is incurred but over several accounting periods. Recent assets give benefits to the organization by their exchange in cash. In the case of fixed assets, value addition arises through facilitating the process of production or trade. Or we can say, benefits from fixed assets are indirect quite than direct.
All man made things have restricted life. In accounting we are concerned along with the helpful life of the assets. Practical life is the period for that a fixed asset could be economically used. It implies that the benefits from the fixed assets will flow to the organization during its useful life. Another aspect of which is that the cost incurred in the duration of purchase of the asset will be providing benefits over the practical life of the asset.
Valuation of the fixed assets is generally made on the basis of original cost. Though, since assets have restricted life the cost will be expiring along with the expiration of the life. So, valuation of the asset is reduced through an amount proportionate to the expired life of the asset. That expired cost is considered to as depreciation in accounting.
Fixed assets usually comprise assets as land, building, machinery, plant and motor vehicles. All these items, along with the exception of land such are depreciated. Land is not subject to reduction and hence demonstrated separately from other fixed assets.
Current Assets These are assets that will normally be converted in cash within a year or inside the operating cycle. The operating cycle is the duration in time considered by
How long after payment will it take to get a response#question?
Question : (a) In relation to a non-profit organization describe social accounting and describe its main aims. (b) What are the needs an organisation wants to satisfy throug
To establish and implement an accounting system for Trigon Corporation, using MYOB accounting software. Needed: 1. Make and print a suitable chart of accounts in MYOB
What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks? G
These are assets or things of value without physical dimensions. They cannot be touched; they representing intrinsic value without material being and they are incorporeal. One of t
Journal is an every days record of business transactions, this is also termed a 'Day Book' and is used for recording every day transactions in the order wherein they arise. It is
Which ratio measures a business' average payment period? A. current ratio B. liquid ratio C. trade payables turnover D. trade receivables turnover
This includes both cash and credit sales of goods. From this demonstration of total sales, sales return also termed as Returns Inward, if any then is deducted in the inner column a
Need solution Corporate Financial Accounting Chapter 3 and Chapter 4: Complete PR 3-4A on page 137 using appropriate software. Complete EX 4-4 on page 187 using appropria
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd