Things to remember for the Mid-Year!!!

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lalala

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Re: Things to remember for the Mid-Year!!!

« Reply #15 on: June 07, 2009, 01:08:09 pm »

0

Quote from: nbalakers24 on June 06, 2009, 10:18:47 pm

Quote from: elaine on June 10, 2008, 07:18:25 pm
When calculating Historical Cost for non current assets:

In
-purchase price
-modifications
- freight in
-installation

Out
-on road costs of insurance, registration
-GST
- annual service contract

Anyone care to add on to the list?

I wasn't sure about registration-i thought it would be part of the costs incurred in 'getting the asset in a condition and location ready for use'. but alas, it was one of the answers in a practice question.

also insurance on delivery is in.

Are you sure? Isn't prepaid insurance a current asset, that will only be able to provide a benefit for 12 months, and not the life of the asset?

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Flaming_Arrow

Victorian
ATAR Notes Superstar
Posts: 2506
Respect: +16

Re: Things to remember for the Mid-Year!!!

« Reply #16 on: June 07, 2009, 01:10:10 pm »

0

Quote from: lalala on June 07, 2009, 01:08:09 pm

Quote from: nbalakers24 on June 06, 2009, 10:18:47 pm
Quote from: elaine on June 10, 2008, 07:18:25 pm
When calculating Historical Cost for non current assets:

In
-purchase price
-modifications
- freight in
-installation

Out
-on road costs of insurance, registration
-GST
- annual service contract

Anyone care to add on to the list?

I wasn't sure about registration-i thought it would be part of the costs incurred in 'getting the asset in a condition and location ready for use'. but alas, it was one of the answers in a practice question.

also insurance on delivery is in.

Are you sure? Isn't prepaid insurance a current asset, that will only be able to provide a benefit for 12 months, and not the life of the asset?

he means insurace ON delivery,it would be added to the cost of the non-current asset as its a one off cost.

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2010: Commerce @ UoM

rhjc.1991

Victorian
Forum Obsessive
Posts: 305
Respect: +23

Re: Things to remember for the Mid-Year!!!

« Reply #17 on: January 12, 2010, 11:27:40 am »

0

I have unsticked this thread due to doubts on its importance and to avoid cluttering of stickied threads.

If anyone wish to dispute this, please reply below.

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