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Chapter 1 Introduction 1.1 Introduction Fixed asset known as property, plant, and equipment (PP&E), is a term used in accountancy for assets and property which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets. In most cases, only tangible assets are referred to as fixed. These are items of value which the organization has bought and will use for an extended period of time; fixed assets normally inc
  Chapter 1 Introduction1.1Introduction Fixed asset known as property, plant, and equipment (PP&E), is a termused inaccountancyforassetsandpropertywhich cannot easily be converted intocash. This can be compared withcurrent assetssuch as cash or bank accounts, which are described asliquid assets. In most cases, onlytangible assets are referred to as fixed. These are items of value which the organization has bought and will usefor an extended period of time; fixed assets normally include items such aslandandbuildings,motor vehicles,furniture,office equipment,computers, fixtures and fittings, and plant andmachinery. These often receive favorabletax treatment (depreciation allowance) over short-term assets. According toInternational Accounting Standard (IAS) 16, Fixed Assets are assets whosefuture economic benefit is probable to flow into the entity, whose cost can bemeasured reliably.It is pertinent to note that the cost of a fixed asset is its purchase price,including import duties and other deductible trade discounts and rebates. Inaddition, cost attributable to bringing and installing the asset in its neededlocation and the initial estimate of dismantling and removing the item if theyare eventually no longer needed on the location. 1   The primary objective of a business entity is to make profit and increasethe wealth of its owners. In the attainment of this objective it is required thatthe management will exercise due care and diligence in applying the basicaccounting concept of “Matching Concept”. Matching concept is simplymatching the expenses of a period against the revenues of the same period. The use of assets in the generation of revenue is usually more than ayear- that is long term. It is therefore obligatory that in order to accuratelydetermine the net income or profit for a period depreciation is charged onthe total value of asset that contributed to the revenue for the period inconsideration and charge against the same revenue of the same period. Thisis essential in the prudent reporting of the net revenue for the entity in theperiod.Net book value of an asset is basically the difference between thehistorical cost of that asset and it associated depreciation. From theforegoing, it is apparent that in order to report a true and fair position of thefinancial jurisprudence of an entity it is relatable to record and report thevalue of fixed assets at its net book value. Apart from the fact that it isenshrined in Standard Accounting Statement (SAS) 3 and IAS 16 that valueof asset should be carry at the net book value, it is the best way of consciously presenting the value of assets to the owners of the business andpotential investor. 1.2Project Scope Project scope is the sum of the products (deliverables) and services tobe provided as a project. Scope of this Project 2  ã  This is a comprehensive application developed to manage the fixedassets accounting and maintenance scheduling of small / largemanufacturing organizations. ã  This system supports various methods of calculations and provides allstatutory reports. ã Manual / Automatic Depreciation Calculations using differentdepreciation scheme. ã  Yearly Depreciation generation based on the requirements. ã Division wise Fixed Asset Accounting.. ã Comprehensive Reports for different departments. ã Data Export / Import through the Microsoft Excel, Microsoft Word. ã Purchasing History ã Robust SQL Database Features: ã Fixed asset Creations. ã Provision to enter temporary asset entries and at the end of the yearcan convert the temporary entry to Permanent asset or delete thoseentries. ã Depreciations entry (Manual, Auto Generations). ã Asset Deletions / Sold or Scarping of Asset. ã  Joining of Assets. ã Additions / Deletions to an Existing asset. ã Asset Transfers between Location, persons, cost centers. ã Asset Inspection Log. Reports ã Asset Sheet (Asset wise, Type wise, Location wise, Between dates,Report on Disposed Asset, Depreciation report). ã Item wise Asset Listings. ã Cost center wise asset addition lists. ã Depreciation Statement group wise (Asset wise) ã Deletion Statement (Particular disposed asset). ã Warranty Register. ã Asset Transfer – from company to company. ã Asset Transfer – from department to department 3  Chapter 2 Overall Description2.1 Overall Description Fixed asset Fixed is a long-term, tangible asset held for business use and notexpected to be converted to cash in the current or upcoming fiscal year,such as manufacturing equipment, real estate, and furniture. Fixed assets management Fixed assets management is anaccountingprocess that seeks to trackfixed assetsfor the purposes of financial accounting,preventive  maintenance, andtheftdeterrence. Many organizations face a significant challenge to track the location, quantity, condition, maintenance anddepreciationstatus of their fixed assets. A popular approach to tracking fixedassets utilizes serial numberedAsset Tags, often withbar codesfor easy and accurate reading. Periodically, the owner of the assets can take inventory 4
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