--%>
Assignment Help - homework help

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 : Define Financial Accounting Give a

    Give a brief introduction of the term ‘Financial Accounting’. And also write down its elements?

    		•
  • Q : Uncertainty of exchange rate

    Uncertainty of the exchange rate does not essentially means that the firms face exchange risk exposure. Explain this scenario.

    		•
  • Q : Prepare adjusting journal entries The

    The following information for the month of December 20x6, with respect to cash activities, was gathered by Tressa Ltd.’s bookkeeper. Cash balance per books, December 1 $ 3,700

    Q : Advantage of Historical Cost in

    What is the advantage of Historical Cost in Decision Making?

    		•
  • 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 : Article on maintenance policy for plant

    Write an article on the maintenance policy for overall costs and enhancing plant productivity.

    		•
  • Q : Implications of fixed and flexible

    Explain “balance of payments” identity and discuss some of its implications under the fixed and flexible exchange rate regimes.

    		•
  • Q : Essential condition for

    Specify the essential condition for the fixed-for-floating interest rate swap to be possible?

    		•
  • Q : Define Purchase return Describe the

    Describe the term Purchase return with suitable example?

    		•
  • Q : Calculate depreciation expense for the

    On December 31, 20x3, the PPE Company purchased an asset costing $1,000,000. The asset’s useful life is expected to be 10 years with a residual value of $300,000. a. Calculate the depreciation expense for 20x4 using: