Tag Archives | Assets

Top 7 Methods for Charging Depreciation

This article throws light upon the top seven methods for charging depreciation on assets. The methods are: 1. Fixed Installment 2. Diminishing Balance Method 3. Annuity Method 4. Depreciation Fund Method 5. Insurance Policy Method 6. Revaluation Method 7. Depletion Method 8. Machine Hour Rate Method. Method # 1. Fixed Installment: This is the oldest […]

Current Assets: Meaning and Classification

In this article we will discuss about the meaning and classification of current assets. Meaning of Current Assets: Current assets are defined as “cash and other assets that are expected to be converted into cash or consumed in the production of goods or rendering of services in the normal course of business”. Items are included […]

AS-10 with Regard to Fixed Assets

AS-10 ‘Accounting for Fixed Asset’ has the following guidelines with regard to fixed asset: Determining the Cost of a Fixed Asset: The gross book value of an asset is the historical cost or the cost at which the asset is actually acquired. According to AS-10 Accounting for Fixed Assets’, cost is directly attributable cost of […]

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