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What is The term applied to the periodic transfer of a fixed asset's cost to expense is?
Wiki User
∙ 12y ago
Depreciation
Wiki User
∙ 12y ago
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What is similar with asset and an expense?
There is no similarity between the assets and expense only prepaid/expired expenses is consider our assets.
Does amortization have a cash expense?
No amortization is done for intangible assets like depreciation for tangible assets and it also does not involve cash expense.
Unexpired expense should write in income statement or balance sheets?
Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.
What is the systematic allocation of a fixed assets cost to expense?
Depreciation.
Does Incurred advertising expense on account increase assets?
yes
What is similar with asset and an expense?
There is no similarity between the assets and expense only prepaid/expired expenses is consider our assets.
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.
Does amortization have a cash expense?
No amortization is done for intangible assets like depreciation for tangible assets and it also does not involve cash expense.
What is prepaid expense and where is it reported in the financial statements?
Prepaid expense is that amount of expense which is paid in advance and expense is not actually incurred and prepaid expense is current assets of business and show under assets side of balances heet.
Unexpired expense should write in income statement or balance sheets?
Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.
What is the systematic allocation of a fixed assets cost to expense?
Depreciation.
Does Incurred advertising expense on account increase assets?
yes
Assets consumed or services used is also known as?
An expense
Can you transfer assets into an irrevocable trust?
Yes, but you cannot transfer them out.
What are the suitable account expense name for furniture's and fixtures?
fixed assets
What are the five classifications of accounts?
Assets, Liabilities, Equity, Income, Expense
Fixed assets reduces profits in balance sheet?
depreciation of fixed assets reduces the profit as depreciation is also an expense.
