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when units of inventory are sold
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Are fittings and fixtures a cost or an expense?
It is an asset.
What is the general approach as to when product cost are recognized as an expense?
Product costs are recognised as expenses when those products are sold to third party or end user until that cost remains as an asset in business.
The periodic transfer of the cost of an intangible asset to expense?
amortization
The periodic transfer of the cost of an intangible asset to expense is referred to as?
depreciation
Is telephone cost a variable cost?
No, telephone expense is an administration expense and administration expenses are not included in product cost so not a variable cost in the sence of product cost.
Are fittings and fixtures a cost or an expense?
It is an asset.
What is the general approach as to when product cost are recognized as an expense?
Product costs are recognised as expenses when those products are sold to third party or end user until that cost remains as an asset in business.
The periodic transfer of the cost of an intangible asset to expense?
amortization
The book value of an asset is the a market value of te asset b. portion of the asset's cost that has not yet been charged to expense c acquistion cost shown in the asset account less the estimated sa?
Option B is correct one and that is the portion of the asset;s cost that has not yet been charged to expense.
The periodic transfer of the cost of an intangible asset to expense is referred to as?
depreciation
Is telephone cost a variable cost?
No, telephone expense is an administration expense and administration expenses are not included in product cost so not a variable cost in the sence of product cost.
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 The term applied to the periodic transfer of a fixed asset's cost to expense is?
Depreciation
Painting of assets is an asset or expense?
If a custom paint scheme was applied when the asset was new (such as a company vehicle), you would add that painting cost to the capitalized cost of the asset. If the painting was done because the assets had been in use and needed freshening up, it would be considered maintenance expense.
Is cost of goods an asset or liability?
It's not really either. Cost if goods sold is an expense on the profit and loss.
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.
Is depreciation expense used to allocate historical cost over the life of an asset?
Yes, depreciation account is used to allocate the cost of asset over the life of asset to income statement of the fiscal year where asset utilized to earn revenue.
