"Asset" Essays and Research Papers

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Substantive Procedures for Asset Irregularities Student Name ACC 556 September 17, 2012 Instructor Name Introduction The following will outline the procedures and steps necessary to detect irregularities that can occur in the accounts receivable, inventory and fixed assets of Apollo Shoes. The flowcharts will show how the use of internal controls is integral to the overall success of the organization. In the accounts receivable, the sales and billing processes are an area that would require...

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Current Assets and Noncurrent Assets

Current and Noncurrent Assets Paper Johnnie Kersh September 08, 2014 ACC/400 Kylene Smith What is an asset? An asset is an item that is owned by customers and businesses. It has an economic value that can be converted into cash and help repay debts. It also tells how much a business has in value. Accounts receivables, cash, and securities are some examples of assets. Assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings that...

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Depreciation and Sale of Asset

Depreciation is the decline in the future economic benefits of a depreciable non-current asset through wear and tear and obsolescence. It is an allocation process. It can be calculated by two main methods, each reflecting in a distinct prospect in the way the asset is used. Depreciation is to be treated as an estimated expense that does not set aside cash for the replacement of a non-current asset. In determining the cost of acquisition of the lathes, any capital expenditure made must be added...

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Asset efficiency ratio analysis

Asset efficiency ratio Asset efficiency ratios measure the efficiency with which an entity manage its current and non-current investments, and converts its investments decisions into sales dollars. There is a continuously increasing trend of asset turnover ratio for company alpha since 2009, from 3.77 times to 4.41 times. In comparison with company alpha, company beta shows a relatively slow increasing pattern from 0.90 times to 1.18 times. By contrast, it indicates that although both companies’...

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Depreciation on Fixed Assets

 Depreciation of Fixed Assets Depreciation A business may acquire fixed assets such as land, buildings, machinery, office equipment, delivery equipment and natural resources (e.g. a piece if mining land)to help in the process of its operations to earn revenue in order to make a profit.  Such assets, by their very nature, provide benefits to the business for more than one financial year or period.  In fact, when a business buys a fixed asset at a certain cost (say $10,000), it is actually buying...

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Ebdm Asset Management Procedures

|Eb Assets Management Document Restrictions Proprietary and Confidential Notice: This document is intended for dissemination and use by Finance Unit having the delegated authority from EBDM Executive Management. It may not be distributed to external parties without the written approval of EBDM Executive Management. Uncontrolled Copy Notice: The controlled version of this SOP in electronic and hard copy is maintained by Finance Unit. All other copies of this document are to be considered as...

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Substantive Procedures for Assets Irreg

Procedures - Asset Irregularities ACC/556 November 24, 2014 Introduction This next phase of the auditing process for Apollo Shoes Inc. (Apollo) is the designing of an audit program, which will detail substantive procedures for detecting irregularities in the accounts receivable, inventory, and fixed assets audit cycles. Fixed Assets Apollo’s irregularities in fixed assets, has caused concern for substantive procedures to be designed to audit this cycle. The most common schemes where fixed assets are subject...

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Tangible and Intangible Assets

Tangible and Intangible Assets Jennifer Geolfos July 19, 2012 ACC291 Mary Larsen Tangible and Intangible Assets Tangible and intangible assets include everything listed under total assets on the balance sheet. “Assets consist of resources a business owns,” (Kimmel, Weygandt, & Kieso, 2010, p. 12). Tangible assets would include land, land improvements, buildings, and equipment. These types of asset would be classified as fixed assets. “Intangible assets are rights, privileges, and...

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Heritage and Biological Assets

to the Accounting Standards Board (UK, 2006), a heritage asset was defined as ‘an asset with historic, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture and this purpose is central to the objectives of the entity holding it’. It also has been defined by Canadian Institute of Chartered Accountants (1989) as ‘fixed assets that a government intends to preserve indefinitely because...

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What Is an Asset and Expense?

1 What is an Asset? An asset is an item that a company owns. Assets are divided into three basic groups: capital assets, current assets and intangible assets. Capital assets are typically owned for the long term and include buildings, land, vehicles and manufacturing equipment. Current assets are items that can quickly be converted to cash, such as actual cash, accounts receivable, inventory and investments such as bonds and stocks. Intangible assets are items that cannot be physically touched...

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