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  1. www.financestrategists.com › accounting › financial-statementsIs Premises a Current Asset? - Finance Strategists

    Mar 23, 2024 · No, premises are not a current asset. A current asset is any asset that will provide an economic value for or within one year. Premises, or the property where business is done, is a part of the property, plants, and equipment, or PP&E, account.

  2. www.accountingtools.com › articles › what-is-the-properThe proper classification of fixed assets — AccountingTools

    Aug 11, 2024 · When to Classify an Asset as a Fixed Asset. When assets are acquired, they should be recorded as fixed assets if they meet the following two criteria: Have a useful life of greater than one year; and. Exceeds the corporate capitalization limit.

  3. www.accountingverse.com › financial-accounting › elementsExpense Accounts: List and Explanation - Accountingverse

    Technically, expenses are "decreases in economic benefits during the accounting period in the form of decreases in assets or increases in liabilities that result in decreases in equity, other than those relating to distributions to equity participants". Expenses Explained. From the technical definition of expense, we can draw the following points:

  4. www.iasplus.com › en › standardsIAS 16 — Property, Plant and Equipment - IAS Plus

    The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recog­ni­tion of assets, the de­ter­mi­na­tion of their carrying amounts, and the de­pre­ci­a­tion charges and im­pair­ment losses to be recog­nised in relation to them.

  5. efinancemanagement.com › financial-accounting › fundamentals-ofFundamentals of Accounting: Meaning, Principles, Categories,...

    Oct 4, 2022 · Accounting is the procedure of data entry, recording, summarizing, analyzing, and then reporting the data related to financial transactions of businesses and corporations. Fundamentals of accounting are guiding principles to perform such tasks.

  6. www.accaglobal.com › accounting-equationThe accounting equation | Student Accountant - ACCA Global

    The accounting equation represents the relationship between the assets, liabilities and capital of a business and it is fundamental to the application of double entry bookkeeping where every transaction has a dual effect on the financial statements.

  7. www.accaglobal.com › gb › enPrinciples and concepts of accounting - ACCA Global

    Principles and concepts of accounting. For the purposes of the FA2 exam, there is a list of principles and concepts of accounting which you need to be familiar with and which can be found in learning outcome A1 (a) in the study guide: Going concern. Accrual basis. Materiality. Consistency. Prudence. Duality (dual aspect) Business entity.