Accounting for Fixed Assets
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 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
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accepted accounting principles accounting principles Accounting Principles Board accounting system accrual accounting aircraft appraisal appropriate assessment asset accountant asset custodian asset database asset management asset record assigned bar coded basis benefit book value building Chapter Chart of Accounts classification system coding systems company’s Concept Statement construction current market deferred maintenance defined definition depreciation expense document ensure equipment estimated example FASB financial statements fixed assets fund furniture future GAAP GASB government accounting historical cost identification number identified included inventory land ledger maintained market value matching principle ment motor vehicles necessary not-for-profit organizations original cost package personal computers physical assets plant problem procedures production property record item property record system property record units purchase purposes regulations replacement cost responsibility separate base unit serial number specific sunk cost tags tangible assets tion transactions update utility
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 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.