"Aasb 116 property plant and equipment report format and each question should be answered under a separate section" Essays and Research Papers

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    Property Plant Equipment

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    13/08/2012 Topic 3 PropertyPlant & Equipment The nature of PP&E • AASB 116 defines propertyplant & equipment (PP&E) as: • tangible items • with a specific use within the entity • that are expected to be used during more than one period AASB 116 specifically excludes assets held for re-sale PP&E is normally divided into classes. Common classes include land‚ buildings‚ machinery‚ motor vehicles. • • 1 13/08/2012 Initial recognition of PP&E • Cost of an item is recognised as

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    PPE – Cost Problem 11 – 1 On August 1‚ 2012‚ Benigno Company purchased a new machinery on a deferred payment basis. A down payment of P 500‚000 was made and 4 monthly instalments of P 1‚250‚000 each are to be made starting September 1‚ 2012. The cash equivalent price of the machine was P 4‚750‚000. Benigno incurred and paid installation costs amounting to P 150‚000. What si the amount to be capitalized as a cost of the machine? a. P 4‚750‚000 b. P 5‚500‚000 c. P 4‚900‚000

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    PropertyPlant and Equipment PropertyPlant and Equipment I- Nature of Accounting Issues Businesses purchase and use a variety of fixed assets‚ such as equipment‚ furniture‚ tools‚ machinery‚ buildings‚ and land. These fixed assets are long-term or relatively permanent assets. Also‚ they are tangible assets because they exist physically. They are owned and used by the business and are not offered for sale as part of normal operations. Perhaps the most descriptive titles these assets are

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    PROPERTYPLANT AND EQUIPMENT I. Major Characteristics a. Tangible assets (with physical substance) b. Used in business – production or supply of goods or services‚ for rental purposes‚ and for administrative purposes c. Expected to be used for a period of more than one year Examples  Property not subject to depreciation – e.g.‚ land  Property subject to depreciation – e.g.‚ building‚ machinery‚ equipment‚ furniture‚ fixtures‚ leasehold improvements II. Initial Recognition a. Should comply with

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    Mattel PropertyPlant‚ and Equipment Propertyplant‚ and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over estimated useful lives of 10 to 40 years for buildings‚ 3 to 10 years for machinery and equipment‚ and 10 to 20 years‚ not to exceed the lease term‚ for leasehold improvements. Tools‚ dies‚ and molds are amortized using the straight-line method over 3 years. Estimated useful lives are periodically reviewed

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    2. What should be audited on an interbank transfer schedule? (5 marks) The following should be audited on an interbank transfer: I. The accuracy of the information on the interbank transfer schedule should be verified. II. The interbank transfers must be recorded in both the receiving and disbursing banks. III. The date of the recording of the disbursements and receipts for each transfer must be in the same fiscal year. IV. Disbursement on the interbank transfer schedule should be correctly

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    101 Ideas for Women’s Ministries Success in the church will come only when there are more ministries than programs. People don’t need more programs. They need ministries that will meet their needs where they are. 1. Check the Women’s Ministries website http://wm.gc.adventist.org for ideas 2. Buy a current Women’s Ministries devotional book 3. Plan a “Working Mothers” seminar to help women who juggle home and career 4. Be sure your church has a Women’s Ministries leader 5. Encourage

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    Audit of propertyplant and equipment. Propertyplant and equipment are assets that have expected lives of more than one year‚ used by the company for business purposes‚ and are not acquired for resale. The purpose of using propertyplant and equipment as part of the operation of client’s business and their expected lives of more than one year are the significant characteristics that distinguish these assets from inventory‚ prepaid expenses‚ and investments. The acquisition of propertyplant and equipment

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    Hamlet Questions Answered

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    Act One What? Why? How? The Plot: Bernardo. Hamlet. France. Frailty. Unnatural. Question 1: Laertes and Polonius provide several explanations of their reasons for Ophelia to stop seeing Hamlet. Both their opinions appear to be unreasonable‚ which is evident through their oppressive and restrictive attitudes. Laertes believes Ophelia is beneath Hamlet on social level‚ therefore he voices that the prince’s‚ “choice must be circumscribed.” This is unreasonable as Laertes is diminishing Ophelia’s

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    security. Section 116 of the Australian Constitution limits the ability of the Commonwealth to legislate in respect of religion. State governments are not required to abide by the laws of section 116 . Australian courts have considered section 116 in only a small

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