• accounting quiz
    Reporting and Interpreting Property, Plant, and Equipment; Natural Resources; and Intangibles November 13, 2013 Jin-Su Kang Balance Sheet Income Statement Ch6 Asset (Cash, Account Receivable) Sales Revenue Ch7 Asset (Inventory) Cost of Goods Sold Ch8 Asset (Long...
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  • Plant Assets Aquisition, Disposition
    TABLE OF CONTENTS 1) Introduction 2) Plant Assets 3) Cost Subsequent to Acquisition 4) Valuation 5) Disposal of Plant Assets 6) Intangible Assets 7) Financial Reporting for Plant Assets 8) Conclusion 9) Bibliography and References 1) Introduction This paper includes, to the...
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  • Client Understanding Paper
    completed and the interest rates should be based on the rates on the enterprise's outstanding borrowings. Recording Gain or Loss on Asset Disposal Retirement, sale, or exchanges are the three methods tangible assets or plant assets can be disposed of. In any of these methods, the book value of the...
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  • Week 2 - Reflection Summary
    Reflection Summary Assignment Name ACC 291 / Principles of Accounting II Date Instructor Name Identify the entries associated with acquisition, disposal, and sales of plant assets. Recording of the acquisition of plant assets is important so the...
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  • Ppe Ifrs Us Gaap
    income statement in lines “Other operative income” and “Other operative expenses”. Loss on disposal of PP&E is €12 million as presented in the consolidated statement of cash flows, line “Losses on sale of PP&E”. 8. Did each Company receive any government grants for fixed asset purchases...
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  • business taxation and GST
    months after payment. As the cost base and market value are identical, no work in progress has arisen and thus no effect on WF Pty Ltd's assessable income. (4) Plant: The tax consequences will depend on the adjusted value of WF Pty Ltd's plant and the date of acquisition of the asset. As the...
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  • As10
    book values of fixed assets at the beginning and end of an accounting period showing additions, disposals, acquisitions and other movements; (ii) expenditure incurred on account of fixed assets in the course of construction or acquisition; and (iii) revalued amounts substituted for historical...
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  • Study
    capital expenditure. Accounting for revenue expenditures. Accounting for capital expenditures. Gain or loss on plant asset disposal. Determine loss on sale of depreciable asset. Knowledge of involuntary conversions. These questions also appear in the Problem-Solving Survival Guide. These questions also...
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  • Term Paper
    same manner as a disposal or retirement. Fixed asset acquisition Fixed asset accounts are debited for the actual cost of fixed assets. The correct account should be debited. Some companies use a Fixed Asset Subsidiary Ledger and show a control account on the Balance Sheet, called Property, Plant and...
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  • Accounting Chapter 8
    Chapter 8 Reporting and Interpreting Property, Plant, and Equipment; Natural Resources; and Intangibles ANSWERS TO QUESTIONS 1. Long-lived assets are noncurrent assets, which a business retains beyond one year, not for sale, but for use in the course of normal operations. Long-lived assets...
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  • Anwers
    %) balance at 1 October 2008 credit (reduction in balance) to profit and loss account (vii) Fixed assets Freehold property (63,000 – (8,000 + 1,000)) (w (ii)) Plant and equipment (42,200 – (19,700 + 9,000)) (w (ii)) (viii) Other reserve (re available-for-sale investments) at 1 October 2008 ‘reclassified...
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  • Financial Reporting
    loss on revalued property, plant or equipment, recognisable under IAS 36 Impairment of Assets , is treated as a revaluation loss under IAS 16. Gains and losses on disposal The gain or loss on disposal is measured as the difference between the net sale proceeds and the...
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  • Acca - Course Notes - P2
    group) is measured in accordance with the applicable IFRS (eg. property, plant and equipment held under the IAS 16 revaluation model is revalued). Any impairment loss arising on reclassification is accounted for as normal (IAS 36). Classify non-current asset (or disposal group) as held for sale and...
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  • 3accounting Information Systems
    investment by the organization. Fixed Asset System Processes transactions pertaining to the acquisition, maintenance, and disposal of its fixed assets  It will support management decisions, financial reporting, and reporting to regulatory agencies and will posses adequate internal controls...
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  • Sylvia
    incurred; capital expenditures are generally debited to the plant asset affected. 12. In a sale of plant assets, the book value of the asset is compared to the proceeds received from the sale. If the proceeds of the sale exceed the book value of the plant asset, a gain on disposal occurs. If the...
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  • Interactive
    purchase and sale of its non-current assets, charging depreciation as from the first day of the month in which assets are acquired, and up to the last day of the month before the month of any disposal. Annual rates of depreciation to be charged are as follows: - Plant and Equipment                15...
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  • Finance Cheat Sheet
    capitalized). ➢ PPE(EB) = PPE(BB) + PPE Purchase – PPE Disposal ➢ AccDep (EB) = AccDep (BB) + DepExp – AccDep Disposal ➢ Book Value = Acquisition Cost – AccDepDispoal ➢ Proceeds from Sale = Net BV + gain/loss ➢ BB, EB, PPE, AccDep from B/S; Purch of PPE, Proceeds from Sales from SCF-I; Loss...
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  • Finance Operations Cima Study Notes
    from operating activities Tax Paid Net Cash flow from Operating Activities Investing Activities Cash Pyts Cash Receipts - Acquiring Property Plant & Equip - Sale of Property Plant and Equipment - Capitailising Development - Sale of Shares - Acquisition of Shares Financing...
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  • Capital Allowance
    previously claimed and restricted to total CA claimed (AA+IA). NA is excluded. Sale proceeds < RE = Balancing allowance (BA) * BA will be deducted against adjusted income. * Balancing adjustments will also be computed if asset is scrapped, exchanged or business permanently ceased or plant is...
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  • International Financial Reporting Standard -5 .a Perfect Glance over the Subject Matter.
    recognized in other comprehensive income relating to a non-current asset (or disposal group) classified as held for sale. 39 If the disposal group is a newly acquired subsidiary that meets the criteria to be classified as held for sale on acquisition (see paragraph 11), disclosure of...
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