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Summary Theory relating to fixed assets (grd 12) R75,00
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  3. 12th Grade
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  5. Accounting

Summary

Summary Theory relating to fixed assets (grd 12)
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These notes relates to theory concepts of fixed assets. This includes: Types of fixed assets Uses of fixed assets Purchases of fixed assets Internal auditing of fixed assets Internal control of fixed assets Lifespan of fixed assets Fixed asset note format

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  • February 1, 2023
  • 2
  • 2021/2022
  • Summary

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Fixed assets
Fixed assets are bought to generate an income for the business




Uses of fixed assets
• Assist in the production of goods.
• Assist in administration.
• Make shopping convenient for customers.
• Speed up operating processes.

Purchases of fixed assets
• The asset will be recorded into the books at its cost price (historical cost concept).
• Cost price = purchase price + direct costs
• Direct costs are attributed to bringing the asset into a workable state and include:
transport costs, delivery costs or handling costs and installation costs.

Internal auditing of fixed assets
• Check mileage travelled on each vehicle.
• Check that vehicles are in working order.
• Check that assets are in working order.
• Ensure that the fixed asset register is properly updated when assets are brought, re-
evaluated, sold or depreciated.
• Perform a physical stock take of each fixed asset owned by the business and
reconcile this with the asset register.

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