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Which of the following is NOT an activity of the Asset Accounting sub-process?
Property disposal
What is an activity of the asset accounting sub process?
Which of the following is an activity of the Asset Accounting sub-process
What is a disposal account in accounting?
A disposal account is a gain or loss account that appears in the income statement, and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.
What accounting concept relates to reporting Intellectual Abilities as an asset?
In any research and development driven company the intellectual property will be labelled as an asset once patents or copyrights can be applied. There is no specific accounting concept tied to this.
What is realization account?
An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.
Which of the following is NOT an activity of the Asset Accounting sub-process?
Property disposal
What is an activity of the Asset Accounting sub-process?
Which of the following is an activity of the Asset Accounting sub-process
What is an activity of the asset accounting sub process?
Which of the following is an activity of the Asset Accounting sub-process
What is the activities of the asset accounting sub-process?
Which of the following is an activity of the Asset Accounting sub-process
What is a disposal account in accounting?
A disposal account is a gain or loss account that appears in the income statement, and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.
What accounting concept relates to reporting Intellectual Abilities as an asset?
In any research and development driven company the intellectual property will be labelled as an asset once patents or copyrights can be applied. There is no specific accounting concept tied to this.
How does a fund accounting structure control government's expenses?
each type of financial activity is segregated into a separate set of self-balancing asset, liability, and net asset accounts
Is land considered an asset in financial accounting?
Yes, land is considered an asset in financial accounting.
What does an electronic asset disposal service do?
There are many things that an electronic asset disposal service would do. An electronic disposal service is tasked with the removal of identity, and data erasure.
What is realization account?
An account used to record the disposal of an asset or assets and to determine the profit or loss on the disposal. The principle of realization accounts are that they are debited with the book value of the asset and credited with the sale price of the asset. Any balance therefore represents the profit or loss on disposal.
What is the journal entry to write of an asset that is not completely depreciated?
[Debit] Accumulated Depreciation [Debit] Cash (If any) [Debit] Loss on disposal (if any) Credit Asset Credit Profit of disposal of asset (if any)
What activities does asset accounting sub-process do in GFEBS?
In GFEBS (General Fund Enterprise Business System), the asset accounting sub-process involves tracking and managing government assets throughout their lifecycle. Key activities include recording asset acquisitions, monitoring asset depreciation, conducting inventory management, and ensuring compliance with financial reporting standards. Additionally, it facilitates the reconciliation of asset values and supports decision-making regarding asset utilization and disposal. This sub-process is essential for maintaining accurate financial records and ensuring accountability for government resources.
