Fixed Asset Accounting (Currently Unavailable)
Author: Robert K Minniti
| CPE Credit: |
2 hours for CPAs |
This course is designed to introduce participants to the basic concepts of fixed asset accounting. Participants will be introduced to various concepts including; what qualifies as a fixed asset, acquiring fixed assets, depreciation methods, impairments, tracking fixed assets, security of fixed assets, and disposing of fixed assets.
Publication Date: December 2020
Designed For
CPAs, CMAs, CGMAs, CIAs, CFEs, CFOs, CEOs, employees, staff accountants, managers, and anyone who is interested in obtaining a basic understanding of fixed asset accounting.
Topics Covered
- Basic understanding of accounting for fixed assets
- Accounting Procedures
- Types of Fixed Assets
- Typical Fixed Asset Transactions
- Fixed Asset Purchase Allocation
- Fixed Asset Purchases
- Depreciation
- Depreciation Examples
- Depreciation for Taxes
- Depreciation for Taxes: MACRS
- Bonus Depreciation
- TCJA Auto Depreciation
- Component Depreciation
- Fixed Asset Thresholds
- Impairments
- Asset Dispositions
- Fixed Asset Dispositions
- Individual Capital Gains Tax
- Individual 2020 Long Term Capital Gains Tax Rates
- Tracking Fixed Assets
- Security for Fixed Assets
- Internal Controls
Learning Objectives
- Define what a fixed asset is
- Recognize how to Post transactions for the acquisition of fixed assets
- Identify the useful life of an asset
- Recognize methods for how to calculate depreciation
- Recognize how to post transactions for the disposition of fixed assets
- Identify how to physically track a company's fixed assets
- Describe true statements about depreciation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
