"Asset" Essays and Research Papers

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ASSETS & LIABILITIES Asset is an item of value owned by the company. Assets can be tangible i.e. those which have some physical existence or can be intangible i.e. which do not exist in physical form but can be held in the form of contracts or rights. Assets are usually grouped in order of liquidity (ease of conversion to cash) on the balance sheet. Cash is therefore the most liquid of all assets. Assets can be classified as: 1.) Current Assets – Those assets that are expected to be converted...

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Asset Irregularities

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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Plant Asset

Life University Chapter 4 Chapter Sections 1. 2. 3. 4. 5. 6. 7. Cost of plant assets Lump sum purchase Capital expenditure and Revenue expenditure Depreciation method Partial year Depreciation Revise estimate of salvage value and useful life Disposal of plant assets Long Term Assets • Plant Assets • Natural Resource • Intangible Assets Plant Assets • • • • Possess physical substance. Used in operation and not for resale. Long-term in nature Examples:  Land  Land Improvement ...

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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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Fixed Assets

Intro This week covers the importance of inventory valuation to the financial statements, the accounting definition of capitalizing fixed assets, and the effect capitalizing has on the financial statements. Inventory Costing Inventory costing using the lower-of-cost-or-market (LCM) recognizes the purchase price and market decreases. The negative in using LCM occurs when the market increases above the cost originally paid for a product. The income statement will show a higher gross income when...

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Intangible Assets

next generation of business if we can find the importance and growing of the Intangible assets in industry. The tremendous growth and the level of critical data, documents (either by email, fax, data transfer, cloud, or any channel of communication) and knowledge are the major area and by protecting them, we can get sustainable competitive advantage. For any organization its major concern that intellectual’ assets are well marked as per there risk level and properly managed. In this study paper I will...

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Current and non current assets

 Current and Noncurrent Assets The balance sheet is actually a useful tool for companies. The balance sheet offers a rapid view at the financial position of the organization. The balance sheet shows the assets, debts, and equity of the business. More valuable, the balance sheet shows the existing assets of the organization, the noncurrent assets, and the order of liquidity. These 3 elements display interested parties the short-term investments...

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Recognition of Asset Retirement Obligations

To: Controller of LOI, Files From: Accounting Class Re: Recognition of Asset Retirement Obligations for Lack of Information Date: June 2, 2014 Background Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As part of LOI’s efforts to identify potential asset retirement obligations, LOI’s internal audit group held interviews with all 50 of the warehouse managers and also performed site visits at each of the 50 locations. The related findings of the interviews...

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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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