Regarding fixed asset repairs, American accountants mention three types of repairs: routine repairs, major repairs, and fixed asset improvement repairs. Routine repairs are the work to maintain the normal operating state of fixed assets, and regular repair costs are recorded as expenses on the ...
And enterprise management, but the organization and application of management accounting in practice are in many different scopes, levels and contents. In terms of macro management, the State issues accounting regimes, financial regimes and circulars guiding the organization of accounting work in ...
Of the fixed assets after upgrading. In this case, accounting is performed as follows: - Entry 1: Reflects costs incurred during the upgrading process. Debit account 2413: Major repairs of fixed assets (Upgrade costs incurred) Debit account 133: Deductible VAT (If any) There are accounts 111, 112, ...
The above formula can result in revenue, net revenue, gross profit or net profit. The average value of fixed assets can be calculated at original cost or current value and is determined by the formula: Average value Fixed assets = Fixed assets value at the beginning of the period + Fixed assets ...
