What is Casting
What is Casting in Accounting. What is its significance?
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Casting: In Accounting, casting signifies to add up a column of figures. Whenever we make accounting data column in ms excel and with certain formula, we know its total, this will be the casting. We can as well each column's total's confirmation by crossing casting in which we add up the totals of numbers of columns to check whether they settle with gross total or not.
The following information is taken from the financial statements of an entity: 20x4 20x3 Property, plant and equipment $4,600,000 $4,200,000 Accumulated depreciation (1,800,000) (1,350,000) Depreciation expense 560,000 Gain on disposal of PPE 65,000 The asset disposed of had a cost
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