By Raymond H. Peterson
Suggestions and strategies for purchasing the main out of A COMPANY'S actual assets
Accounting for fastened resources, moment variation provides complete guidance for successfully coping with estate, plant, and gear so that it will get the utmost advantages out of investments in those long term tangible resources. more suitable with a number of examples and illustrations, this re-creation good points crucial fabric on executive accounting, not-for-profit accounting, and useful computing device programs.
whole, updated insurance of fixed-asset accounting includes:
* Asset classification
* Base unit
* Asset value
* Asset safeguards
* Inventories of mounted assets
* outstanding repairs
* Written policies
* Self-constructed resources
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Additional resources for Accounting for Fixed Assets
Consider the example of a small farmer’s marketing association. The association promotes the on-farm sales of their members by printing and distributing a map of the county with the location and description of each farm. The association holds a farm fair each year to generate the funds to run the organization and membership dues provide the rest of the income. The assets of the association are the map and its trademarked name, cash, supplies, and equipment used to operate the fair. Food stands, the electrical distribution system, and signs are examples of the association’s assets.
Each classification category and subgrouping must be documented. Included should be a definition and brief description of each item. Accountants design and provide the classification and coding systems with the assistance of others. The coding is primarily accomplished by nonaccountants. Purchasing agents and others that purchase, modify, repair, move, and dispose of the company’s physical assets will generally do the coding of those transactions. In establishing definitions and coding systems, it is important to keep in mind that the person handling the transaction must be able to simply identify the correct code and assign it to the transaction.
A property record system must be created to demonstrate that the assets are indeed being kept at the specified level. • Regular periodic assessments of the condition of the assets must occur. Government Accounting 23 Failure to maintain these assets in the condition specified requires the government entity to begin depreciation on a prospective basis. The alternative is to reduce the specified condition level. This may cause problems for auditors and local governments in the future. The author’s closest town has the distinction of being identified as having the poorest maintained road system in the San Francisco Bay area.