Tag: assets
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Bookkeeping Journal Entries for Asset Depreciation, Asset Sale, and Asset Write-off: Your Essential Guide
Bookkeeping for asset depreciation, sale, and write-off is a critical component of financial accounting, tracking the value and status of a company’s assets over time. Accurate journal entries for these transactions ensure that financial statements reflect the true financial position of the business. Depreciation affects the value of an asset gradually, representing wear and tear,…
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Define Fictitious Assets in Accounting: A Clear Explanation
Fictitious assets are a type of asset that appears on a company’s balance sheet but has no tangible value. These assets are created when a company records an expense that has no physical or financial existence. Fictitious assets are not real assets, but they are recorded as such to balance the balance sheet. Understanding fictitious…
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Accounting for Depreciation
Depreciation is really important yet few bother to do it. Why? because it seems so hard to do. But the reality is that it is really very simple. But first we need to look at what it is, and why we need to do it. The Value Of Assets Everything you buy to use for…
