0
Add your answer:
Earn +20 pts
What is entry for depreciation?
[Debit] Depreciation expense[credit] fixed asset.
What is the journal entry for depreciation expense?
Debit depreciation expenseCredit fixed asset
What is The term applied to the periodic transfer of a fixed asset's cost to expense is?
Depreciation
How does fixed asset management help a situation?
Fixed assets management is an accounting process that helps track fixed assests for financial accounting, preventative maintenance and to prevent theft.
On a balance sheet what does contra asset allowance for doubtful accountsrepresent Is it current asset fixed asset or investment?
see the site. http://ccba.jsu.edu/accounting/BADDEBTS.HTML
In accounting do you depreciate the installation of a fixed asset?
In accounting the "installation" if you are referring to the cost of having something installed is an expense and is recorded as such, that is an operating expense and is recorded as such. Since it is an expense it is not an actual asset, so can not be depreciated.
What is a Depreciation Expense in accounting?
Depreciation expense is the process of reducing the cost of fixed asset during the fiscal life of a long term asset through annual fixed amount of expense charged to profit and loss account of business in which that long term asset is utilized in business to generate revenue.
When do you expense an asset?
preliminary expense is the expense for fitting the asset or similar works, so this expenses capitalized.... and is called fixed asset
Why isn't purchase of fixed asset treated as expense in the period in which the purchase was made?
Answer:Even though cash has been spent on purchasing the fixed asset, accounting principles will prescribe that an asset needs to be recognized. This is an application of the matching principle, which states that cash expenditures need to be allocated as an expense in the period where they generate revenue. Suppose the fixed asset is a machine, which will be used to produce goods, which will be sold at a profit. The sales will be recorded as the products are sold during the economic lifetime. Hence, the purchase price of the fixed asset needs to be allocated (spread) over the economic lifetime as well. The expense is called depreciation expense.
Is mobile set considered a fixed asset?
mobile set]
How to record a new roof in Quickbooks?
Record the entire expenditure as a Fixed Asset. Then use the Fixed Asset Manager to amortize the expense.
What is entry for depreciation?
[Debit] Depreciation expense[credit] fixed asset.
What is the journal entry for depreciation expense?
Debit depreciation expenseCredit fixed asset
What is The term applied to the periodic transfer of a fixed asset's cost to expense is?
Depreciation
What is the purpose of a fixed asset tracking software?
A fixed asset tracking software is to track all of your fixed assets for the purpose of theft deterrence, preventive maintenance and financial accounting.
How does fixed asset management help a situation?
Fixed assets management is an accounting process that helps track fixed assests for financial accounting, preventative maintenance and to prevent theft.
Do deprecations go on an income statement?
Yes depreciation is an expense and it is used to allocate the fixed portion of fixed asset cost to specific fiscal year in which that asset is used.
