PPT-Assets and Depreciation

in Accrual Accounting Gvijaya kumar Profnac Introduction Schedule XIV has been replaced with schedule II for depreciation calculation. AAE 320. Paul D. Mitchell. Goal. Overview accounting balance sheet as it pertains to agricultural operations. How to read a balance sheet. Methods used to prepare . a balance . sheet. Depreciation methods. How to use CAMS. To provide control of and accountability of fixed assets.. To orderly monitor the physical condition of fixed assets.. To gather information needed for the preparation of management and financial reports.. Reference sections: 123(2) and Schedule II. . PART-A. 1- Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by the entity. http://www.investopedia.com/terms/d/depreciation.asp. Depreciation. Buildings, machinery, equipment, furniture, fixtures, computers, outdoor lighting, parking lots, . cars, and . trucks are examples of . Chapter 9. 1. Learning Objectives. 2. Measure the cost of a plant asset. Account for depreciation. Record the disposal of an asset by sale or trade. Account for natural resources . Account for intangible assets. Natural Resources. , . and Intangible . Assets. 9. Learning Objectives. Explain the accounting for . plant asset . expenditures.. Apply depreciation methods . to plant . assets.. Explain how to account for . Chapter 8. Copyright © 2016 McGraw-Hill Education.  All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. Wild, Shaw, and . Chiappetta. Financial & Managerial Accounting. Income Tax Fundamentals 2011 . Gerald E. . Whittenburg. &. Martha Altus-. Buller. Student Copy. 2011 Cengage Learning. Accounting Periods. Partnerships/S-Corporations may elect to adopt a different fiscal tax year from the one prescribed on previous slide, but only. Operational Assets. Acct 2210 - Chapter 8. McGraw-Hill/Irwin. McGraw-Hill/Irwin. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.. LO 1. Identify different types of long-term operational assets.. How to use CAMS. To provide control of and accountability of fixed assets.. To orderly monitor the physical condition of fixed assets.. To gather information needed for the preparation of management and financial reports.. Operational Assets. Acct 2210 - Chapter 8. McGraw-Hill/Irwin. McGraw-Hill/Irwin. Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.. LO 1. Identify different types of long-term operational assets.. except. the following :-. Forests, plantations and similar regenerative natural resources; . Wasting assets including expenditure on the exploration for and extraction of minerals, oils, natural gas and similar non-regenerative resources; . Resource 2016. Local Government Corporation. Capital Assets. Certified Continuing Professional Education Class. 2. -hour credit. Must remain for the entirety of the class to receive CPE credit. Must sign in and sign out to receive CPE credit. Chapter 2. 2.1 The Balance Sheet. An accountant’s snapshot of the firm’s accounting value at a specific point in time. The Balance Sheet Identity is:. Assets ≡ Liabilities Stockholder’s Equity.