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Fixed Assets Assignment Help

In the United States, GAAP stands for Generally Accepted Accounting Principles. It is accounting rules which are used for preparation, presentation and reporting financial statements for a broad variety of entities. Such entities include publicly traded and private companies, Non-profit organizations and governments.

Accounting principles can play an important role. Accounting principles help in standardized preparation and reporting of financial statements published annually for shareholders, creditors, employees and the public at large. The standard issued should be constant with the law concerned. They help investors and other external groups in reviewing the progress and prospects of investments in different organizations. All of these factors have been important determinants of the establishments of accounting standard.

Amongst various standards under US GAAP, Accounting for Fixed Assets is one of them.

Financial Statements disclose information regarding fixed assets such as land and building, plant and machinery, vehicles, furniture and fittings, goodwill, patents, trademarks and designs etc. The standard recognizes that fixed assets has a significant portion of total assets and therefore are important in the presentation of a financial status..

The determination of whether expenditure represents an asset or expense might have a significant effect in the working results of any company. The cost of fixed assets should comprise its cost price and any cost of bringing it to a working condition state.

Fixed Assets should be valued at cost Price i.e. cost of acquisition less accumulated depreciation. Depreciation rates are not provided in Unites States, Generally Accepted Accounting Principles. Depreciation is to taken which is based on estimated useful life of the Asset. Expenses for repairs and maintenance are to be charged to revenue as and when incurred. In cases, like sale or disposal of assets, the cost of such asset along with its accumulated depreciation is to be removed from the consolidated financial statement.

Assignment Help and Homework Help in Fixed Assets at Assignment Hut

Above discussed is just a brief idea about the accounting of fixed Asset under US GAAP. The students can have the complete and in depth knowledge about the said accounting from our experts at Assignment Hut. We are here to help you to solve your all queries through our qualified professional team having years of experience.

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