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ASSESSMENT ACTIVITIES FOR STUDENTS

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ASSESSMENT ACTIVITIES FOR STUDENTS

 ASSESSMENT ACTIVITIES FOR STUDENTS

 

Activity 1A

Discuss the assets register and methods of recording assets

An asset register is nothing but a statement that shows the assets that a company owns during a specific time span. The asset register includes all details about the asset of the company including the true values of the assets (Barney, 2017). There are few things that need to be included while preparing an asset register. These few elements are stated below:

·         Cost of the asset at the time of purchase – This is one of the vital information that an asset register must include. These costs must include both direct costs and indirect costs, which were associated with the asset during the time of purchasing the same.

·         Date on which the asset has been purchased – The asset register must also include the date on which the asset has been purchased by the company or business. This particular information in the asset register is very important to the company while replacing the same (Lazuka, 2018).

·         Name of the supplier along with the address – The asset register must also include the name of the supplier from whom the asset has been purchased. Along with the name of the supplier the asset register also needs to include the address of the supplier.

·         Serial number – In an asset register the assets must be recorded by following a serial number. This is important for maintaining the records of all assets properly.

·         Depreciation rate and the method of calculating depreciation – The asset register must include the rate of depreciation that the company will charge on the asset and at the same time, the assert register must also include the method according to which the company will compute or calculate the depreciation on the respective asset (Wookey & Gionfriddo, 2017).

·         Normal account number – This is also important element included in the asset register. This is important for preparing the accounts in a better way.

·         Department at which the asset will be used – This is important information that the asset register must include. The asset register must state clearly about the department at which the asset will be used and the purpose of using the asset.

Therefore, from the above discussion, it can be understood that the asset register is very important for every organization because it helps to manage the assets in a better way. At the same time, the above discussion and points are also clearly indicating the method that an organization must apply while preparing an asset register.

 

Reference list

Alizada, A. (2017). Accounting in Action: Accounting Principles, Financial Statement and Assets Pricing Theory. Journal of Capital Market and Behavioral Finance1(5), 41-52.

Barney, J. B. (2017). Resources, capabilities, core competencies, invisible assets, and knowledge assets: Label proliferation and theory development in the field of strategic management. The SMS Blackwell handbook of organizational capabilities, 422-426.

Brown, W. (2017). ACCT1310-02. Accounting Principles I. Sp17. Brown, William.

Howcroft, D. (2017). Graduates’ vocational skills for the management accountancy profession: exploring the accounting education expectation-performance gap. Accounting Education26(5-6), 459-481.

Lazuka, V. (2018). Early life assets in oldest-old age: Evidence from primary care reform in early 20th-century Sweden. Demography.

Smejda, M. (2017). Accountancy Entangled by Financial Capital. Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej, (1), 87-98.

Stanley, T. A. (2017). Situated learning in accountancy: an employer perspective. Accounting Research Journal30(3), 265-282.

Wookey, M. J., & Gionfriddo, M. J. (2017). U.S. Patent No. 9,824,361. Washington, DC: U.S. Patent and Trademark Office.

Xu, L., Cortese, C., & Zhang, E. (2017). The interplay between accounting professionals and political ideologies: The emergence of Chinese accounting standards from 1978 to 1992. Accounting History, 1032373217738815.

 

Alizada, A. (2017). Accounting in Action: Accounting Principles, Financial Statement and Assets Pricing Theory. Journal of Capital Market and Behavioral Finance1(5), 41-52.

Barney, J. B. (2017). Resources, capabilities, core competencies, invisible assets, and knowledge assets: Label proliferation and theory development in the field of strategic management. The SMS Blackwell handbook of organizational capabilities, 422-426.

Brown, W. (2017). ACCT1310-02. Accounting Principles I. Sp17. Brown, William.

Howcroft, D. (2017). Graduates’ vocational skills for the management accountancy profession: exploring the accounting education expectation-performance gap. Accounting Education26(5-6), 459-481.

Lazuka, V. (2018). Early life assets in oldest-old age: Evidence from primary care reform in early 20th-century Sweden. Demography.

Smejda, M. (2017). Accountancy Entangled by Financial Capital. Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej, (1), 87-98.

Stanley, T. A. (2017). Situated learning in accountancy: an employer perspective. Accounting Research Journal30(3), 265-282.

Wookey, M. J., & Gionfriddo, M. J. (2017). U.S. Patent No. 9,824,361. Washington, DC: U.S. Patent and Trademark Office.



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