Fixed Asset Accounting
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This course is designed for individuals who would like to obtain a basic understanding of accounting for fixed assets. We will walk through the accounting cycle for fixed assets starting with posting transactions to record the acquisition of fixed assets, determining the useful life of a fixed asset, calculating and posting depreciation and finally posting transactions for the sale or disposition of a fixed asset. This course is designed for staff level accountants or others looking for a refresher course in fixed asset accounting.
Publication Date: December 2017
Designed For
Individuals who would like to obtain a basic understanding of accounting for fixed assets. Staff level accountants or others looking for a refresher course in fixed asset accounting.
Topics Covered
- Basic understanding of accounting for fixed assets
- The accounting cycle for fixed assets
- Posting transactions to record the acquisition of fixed assets
- Determining the useful life of a fixed asset
- Calculating and posting depreciation
- Posting transactions for the sale or disposition of a fixed asset
Learning Objectives
- Define what a fixed asset is
- Recognize how to Post transactions for the acquisition of fixed assets
- Identify the useful life of an asset
- Recognize how to calculate depreciation
- Recognize how to post transactions for the disposition of fixed assets
- Differentiate depreciation methods
- Recognize types of fixed assets are depreciated over 10 years for tax purposes
- Identify the 2018 & 2019 limit for bonus depreciation
- Recognize true statements regarding asset impairment
- Identify components of the COSO internal control framework
- Recognize types of intangible assets
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
