0
What else can I help you with?
Expenditures capitalized as long-lived assets generally include those expenditures that?
are made for normal repairs to maintain the usefulness of the asset over a number of years
What are the difference between revenue expenditures and capital expenditures?
it must increase the value of the assets in must increase the capacity it must shown in the balance sheet must be depreciated amount must be comparatively huge
How are financial assets created in the free enterprise system?
Financial Assets are created in the free enterprise system using private individuals wealth, and they purchase things.
What are the structures of financial system?
assets. liabilities and equity?
Errors and misappropriations that may occur if purchases and capital expenditures are not properly controlled?
If purchases and capital expenditures are not properly controlled, organizations may face significant financial errors, such as overspending or misallocating funds to non-essential items. This can lead to budget overruns, reduced profitability, and potential cash flow issues. Additionally, misappropriation of assets may occur, increasing the risk of fraud and resulting in financial losses. Overall, lack of control can undermine operational efficiency and hinder strategic decision-making.
What is accounting's purpose of the statement of government net assets?
The statement of net assets displays information about the government as a whole, reports all financial and capital resources, and assists the financial statement user
Define financial system?
Financial system is the processes and procedures used by a firm's management to exercise financial control and accountability. These measures include ecording, verification and timely reporting of transactions that affect revenues, expenditures, assets and liabilities.
Why are there no capital assets in government type funds?
There are no capital assets in governmental-type funds because those funds account only for inflows and outflows of financial resources. Governmental-type funds can be used and indeed are used to acquire capital assets. When that happens, however, the accounting within the funds is such that there is an expenditure of financial resources, rather than an exchange of a financial resource for a capital asset. Capital assets are reported in government-wide financial statements, but not in fund financial statements.
What are non financial assets?
non financial assets characteristics
Lease obligations real or financial assets?
They are financial assets because they are non-physical assets
What is the role of finance minister?
The finance minister manages government financial assets and coordinates and supervises actions of the financial policy. The main duties of the financial minster is to prepare then annual budget, manage assets, propose bills and amortize debt.
How do you calculate capital expenditures?
Capital expenditures or CAPEX, refers to the money spent to acquire and maintain the physical assets of a company. It can be calculated by subtracting the total assets from the total liabilities found on the company's balance sheet.
Are bank loans financial assets?
Bank loans are financial assets for the banks and financial liabilities for recipients of the loans.
Why are there no capital assets in governmental type funds?
There are no capital assets in governmental-type funds because those funds account only for inflows and outflows of financial resources. Governmental-type funds can be used and indeed are used to acquire capital assets. When that happens, however, the accounting within the funds is such that there is an expenditure of financial resources, rather than an exchange of a financial resource for a capital asset. Capital assets are reported in government-wide financial statements, but not in fund financial statements.
Capital expenditures include?
Capital expenditures include all investments in fixed assets (PPE investments or purchase of PPE on the Cash Flow Statement).
Expenditures capitalized as long-lived assets generally include those expenditures that?
are made for normal repairs to maintain the usefulness of the asset over a number of years
Difference between real assets and financial assets?
Real assets are physical assets such as plant, machinary, vehicles, stock/ inventory. Financial assets, are cash, bonds, shares etc., etc.
