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A long-term asset must have a useful life of more than a month?
Wiki User
∙ 14y ago
No, a long term asset must have a useful life of more than a year
Wiki User
∙ 14y ago
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How do you determine the useful life of a fixed asset?
useful life of fixed asset
What is useful life of an asset?
Useful life of an asset means the time for which any asset is usable in business for generating revenue for business.
How do you detemine an assets useful life?
According to useful life of an asset.
Process of spreading the cost over an asset's useful life?
Expensing is the process of spreading the cost over an asset's useful life.
Distinguish between economic life and useful life?
the useful life of an asset is the period over which an asset is expected to be available for use by an entity whiles economic life is the period over which an asset is expected to be useable by one or users
How do you determine the useful life of a fixed asset?
useful life of fixed asset
What is useful life of an asset?
Useful life of an asset means the time for which any asset is usable in business for generating revenue for business.
How do you detemine an assets useful life?
According to useful life of an asset.
Process of spreading the cost over an asset's useful life?
Expensing is the process of spreading the cost over an asset's useful life.
Distinguish between economic life and useful life?
the useful life of an asset is the period over which an asset is expected to be available for use by an entity whiles economic life is the period over which an asset is expected to be useable by one or users
When can Depreciable life be increased?
Initially, depreciation for financial reporting purposes is based on an owner's estimate of the useful life of the asset in service. If later, the owner has better or additional information about the true useful life of the asset, he can revise his estimate of its useful life and take all remaining depreciation (on a going-forward basis) based on the asset's revised remaining useful life.
What is difference between expendable and non expendable assets?
Any asset with the useful life of one or more than one year is Non-Expendable asset. Any asset with the useful life of less than one year is Expendable asset.
When estimating the useful life of an asset accountants consider?
c
How are long term capital expenditures budgeted in a quarterly budgeting process?
Here is useful information from Answers.com: In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a capital expenditure, it needs to be capitalized; this requires the company to spread the cost of the expenditure over the useful life of the asset. If, however, the expense is one that maintains the asset at its current condition, the cost is deducted fully in the year of the expense. In your case, budget the allocated cost disbursement over a three-month period (for a quarterly budget).
Are expenses assets?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
How do you calculate straigt line depreciation?
Straigt line depreciation = (total cost of asset - salvage value)/ useful life of asset.
Are fixed assets expenses?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
