PDF-Depreciation of fixed assets

What the Companies Act 2013 states EY insights Amendments in Schedule II to the 2013 Act Minimum vs indicative rates In Schedule II originally notified all companies were divided into three classes. 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. 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 . Introduction. Objectives:. State the 3 reasons for disposal. Recognise and calculate the gain/loss on disposal of fixed assets. Identify the two methods of recording the disposal of fixed assets. Record disposal of fixed asset. All manufactured items decrease in value over time – as they wear out or are replaced by better technology.. This is called depreciation.. This is regarded as an expense.. The loss in value of an item can only be estimated as the real cost is only known when the item is sold.. in Accrual Accounting. . G.vijaya. . kumar. . Prof.nac. Introduction:. . Schedule XIV has been replaced with schedule II for depreciation calculation. 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 . 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.. 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.. 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. 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.. 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. Senior Accountant – Fixed Assets. Lee Hall Room 240. x. 1230. adoerfle@umw.edu. Susan Beaver. Fixed Asset Coordinator. Central Storeroom . x. 1221. sbeaver@umw.edu. What is a . Fixed . A. sset. ?. Equipment (plus the cost to obtain or put in service) with a cost of $2,000.00 or greater.