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Accounting | November 2018 – VirtualX MasterClass Series 5 | Episode 3

Welcome to Episode 3 of Series 5: Decoding Fixed Assets and Depreciation in the Accounting | November 2018 – VirtualX MasterClass! In this enlightening episode, we delve into the world of fixed assets and the critical aspects of depreciation. Join us as we explore the Fixed Assets Note, Accumulated Depreciation, and the principles of Generally Accepted Accounting Principles (GAAP).

In this thought-provoking episode, we unravel the significance of the Fixed Assets Note, which provides a comprehensive overview of a company’s fixed assets, including additions at cost, depreciation, carrying value, and disposals at carrying value. Understand how the Fixed Assets Note is essential in financial reporting and decision-making processes.

Gain insights into the concept of depreciation and its impact on fixed assets. Learn about the different methods of calculating depreciation, including straight-line and diminishing balance methods. Explore how depreciation affects the carrying value of fixed assets over time.

Discover the implications of selling fixed assets at a loss or profit, and understand the role of accumulated depreciation in determining the financial value of fixed assets.

We also explore the role of the internal auditor in verifying fixed assets and ensuring compliance with accounting standards and company policies. Learn how the Fixed Assets Register is utilized to maintain accurate records of fixed assets.

Understand the principles of Generally Accepted Accounting Principles (GAAP) and the historical cost principle, which dictate the original cost price of fixed assets and their subsequent accounting treatment.

By the end of this episode, you’ll have a comprehensive understanding of the Fixed Assets Note, depreciation, accumulated depreciation, internal auditor’s role, Fixed Assets Register, GAAP principles, and historical cost.

Subscribe to our channel and turn on notifications to stay updated with each new release. Join us in Episode 3 of Series 5: Decoding Fixed Assets and Depreciation in the Accounting | November 2018 – VirtualX MasterClass, and enhance your knowledge in managing fixed assets and ensuring accurate financial reporting.

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Source: VirtualX MasterClass, Published: 2023-07-25 16:19:29

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