--%>

Define the term Equipment

Define the term Equipment in Accountancy? Why they are used?

E

Expert

Verified

Equipment might be stated as all such instruments that are employed for producing any product or machine or service. They have particular design to handle particular activities. They are purchased for long period. Therefore, equipment is the portion of fixed assets. We charge depreciation on equipment with some rate of depreciation. For showing its accurate written down value in books of company. We might provide other name of equipment such as tool, implement, or apparatus. There is a little difference among machine and equipment. Machine has its own system to do any work however equipment is just a mechanical tool for employing production or making or repairing any huge machine. That is the cause; we keep all equipment in individual head in the fixed assets.

   Related Questions in Financial Accounting

  • Q : Purpose of Export-Import Bank State the

    State the purpose of Export-Import Bank?

  • Q : Define Intangible assets Intangible

    Intangible assets: It is the asset that is not visible however we can feel them. The main examples of these assets are goodwill, patent and trade marks.

  • Q : Adjunct Account What do you mean by the

    What do you mean by the term Adjunct Account?

  • Q : Accounting Acquisition Entry and

    Acquisition Entry and Consolidation Working Paper On January 31, 2014, Phoenix, Inc. acquired all of the outstanding common stock of Spark Corporation for $400 million cash plus 25 million shares of Phoenix' $10 par value common stock having a market value of $90 per share. Registration fees were $

  • Q : Account A structure for showing the

    A structure for showing the effect of market events on a particular asset, liability, equity, earnings, or expense. The effects are measured in terms of dollars. The account looks like as a collection point in the meanwhile the processing of all the transactions involving the balance sheet or inc

  • Q : Holding Period Describe the term

    Describe the term Holding Period?

  • Q : Modeling Cases DRAFT TV COMMERCIALS

    Source: O'Conner, G. C., T.R. Willemain, and J. MacLachlau, 1996. "The value of competition among agencies in developing ad compaigns: Revisiting Gross's model." Journal of Advertising 25:51-63. Modeling Cases

  • Q : Maximum factors Explain the Maximum

    Explain the Maximum factors influences and involvement which will depend on the performance and success of the employees ?

  • Q : Define Expenditures Define Expenditures

    Define Expenditures with suitable example?

  • Q : Challenges of long distance relationship

    My friend is in a new long distance relationship. My friend wants to ask to identify the challenges or difficulties of long-distance romantic relationships and explain communication strategies for coping with these challenges. The res