By Raymond H. Peterson
Ideas and strategies for buying the main out of A COMPANY'S actual assets
Accounting for fastened resources, moment variation provides accomplished guidance for successfully coping with estate, plant, and kit which will get the utmost advantages out of investments in those long term tangible resources. better with quite a few examples and illustrations, this new version gains crucial fabric on govt accounting, not-for-profit accounting, and useful laptop programs.
whole, up to date insurance of fixed-asset accounting includes:
* Asset classification
* Base unit
* Asset value
* Asset safeguards
* Inventories of mounted assets
* remarkable repairs
* Written policies
* Self-constructed resources
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Extra resources for Accounting for Fixed Assets
Property includes land, grading, pavement, drainage, for example; equipment is a very broad class. Subgroups must be established based on the type of business and the needed reports. CLASSIFICATION SYSTEMS Classification systems must define to the lowest level that which will be required for aggregation analysis of the data after it has been placed in the property record. Because most assets will also be recorded in a property record system, a number of identification codes must be assigned. The classification must include the general ledger account, property type, its use, location, activity, and department.
All costs for a specific construction are included in the cost of the product. Some of the other expenditures that should be added to the capitalized cost of the asset acquired are as follows: Contract price or cost of construction Cost of grading and excavation for the specific building Expenses incurred in removing trees and other foliage for the specific building Costs of remodeling or altering a purchased building to make it ready for use Costs for architect’s fees, plans, and other planning events Cost of government fees and building permits Payment of prior year taxes accrued on the building if payable by purchaser Other costs such as security or temporary fencing, temporary buildings used during construction, or other costs directly attributable to the construction or purchase of the specific building Capitalized interest EQUIPMENT Equipment includes the machinery, computers, office equipment, and all other long-lived items necessary for the operation of the business.
Items of physical property subjected to different inventory controls should also be identified with separate classes. Some property will require a specific physical inventory to establish its location and existence. Other items such as furniture in large meeting rooms or cafeterias may only be maintained in aggregate without annual verification requirements. In establishing the classification system, review the different inventory methods used and establish a classification for each method. Property security and internal control procedures should be reviewed.
Accounting for Fixed Assets by Raymond H. Peterson