Accounting for Fixed Assets

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John Wiley & Sons, Oct 15, 2002 - Business & Economics - 194 pages
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Strategies AND techniques for getting the most out of A COMPANY'S physical assets

Accounting for Fixed Assets, Second Edition presents comprehensive guidelines for effectively managing property, plant, and equipment in order to get the maximum benefits out of investments in these long-term tangible assets. Enhanced with numerous examples and illustrations, this new edition features essential material on government accounting, not-for-profit accounting, and practical computer programs.

Complete, up-to-date coverage of fixed-asset accounting includes:
* Asset classification
* Base unit
* Asset value
* Asset safeguards
* Inventories of fixed assets
* Extraordinary repairs
* Written policies
* Self-constructed assets

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Chapter 1 What Is Accounting for Fixed Assets?
Chapter 2 What Is an Asset?
Chapter 3 Classifications of Asset Transactions
Chapter 4 Determining Base Unit
Chapter 5 Control of Property Plant and Equipment
Chapter 6 Asset Policies Manual
Chapter 7 Establishing Value
Chapter 8 Allocation of Costs to Accounting Periods
Chapter 9 Regulated Utilities
Chapter 10 Government Accounting
Chapter 11 NotforProfit Accounting
Chapter 12 Creation and Verification of Property Records
Chapter 13 Computer Programs

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Page 1 - Depreciation accounting is a system of accounting which aims to distribute the cost or other basic value of tangible capital assets, less salvage value (if any) over the estimated useful life of the unit (which may be a group of assets) in a systematic and rational manner. It is a process of allocation not of valuation.
Page 10 - ASSETS are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.
Page 1 - The cost of a productive facility is one of the costs of the services it renders during its useful economic life. Generally accepted accounting principles require that this cost be spread over the expected useful life of the facility in such a way as to allocate it as equitably as possible to the periods during which services are obtained from the use of the facility.
Page 1 - A general description of the method or methods used in computing depreciation with respect to major classes of depreciable assets.5 Opinions of the Accounting Principles Board No. 12. "Omnibus Opinion-1 967" (New York: AICPA, 1 867), para 5.

About the author (2002)

RAYMOND H. PETERSON is currently the principal of Ray Peterson & Associates, an accounting consulting firm in California. During his career, he has held positions as Director of Financial Accounting for Pacific Bell and Division Manager, Accounting Standards for Bell Communications Research. He also served as treasurer for a number of nonprofit organizations and for twelve years was a member of the Institute of Management Accountants Accounting Standards Committee.

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