How do I create a new fixed asset account with an account type: Fixed Asset, detail type: Machinery & Equipment, name: Equipment and track deprecciation of this asset in QuickBooks? When I go to the Chart of Accounts to create a new account, I get the attached photo. There's no where to check the "track depreciation" check box

Q: As a natural resource asset is consumed, accountants record the cost of the asset using:…

A: Natural resource assets are tangible assets that are part of the earth's natural resources. Examples…

Q: If

A:

Q: What is Accumulated Depreciation? I'm having a hard time understanding this concept. For example,…

A: Value of asset say equipment reduces each year because of its continuous use.So, there is a concept…

Q: When you set up an account for a new company vehicle, select as the account type. Equity Property,…

A: Any tangible asset that will be used in production or supply of goods, rental or administration, and…

Q: the VLN, expenditures after acquisition are either expensed or capitalized. The company spent money…

A: Expenditure made after acquisition of an asset can be treated as capital expenditure or revenue…

Q: The underlying evidences for intangibles which includes purchase agreements, patent certificates,…

A: A permanent file is a set of records used in future as a reference for an organization's external…

Q: Which of the following statements are TRUE? a. The reason for including a treatment of depreciation…

A: The company needs to present financial statements true and fair, that is in compliance with the…

Q: An example for intangible assets are O a. Machines which are no longer used in production. O b.…

A: The intangible assets are the assets which can not be physically seen but their value also decrease…

Q: At December 31, 2017, Grand Company reported the following as plant assets. $ 4,100,000 Land…

A: Journal entryA journal entry is a method of recording transactions in the book of original entry by…

Q: Which one of the fixed asset accounts listed will not have a related contra asset account? a.Office…

A: Explanation: Contra asset account for fixed asset accounts is accumulated depreciation account. The…

Q: where did you get property paint and equipment from?

A: Property Plant and Equipment is a classification of tangible fixed assets and it includes Land &…

Q: the branch nonetheless records the depreciation for an asset tha is used even if the asset is…

A: Branch is a separate unit of a business which is located at a different place and running the…

Q: Which one of the following is an intangible asset?

A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…

Q: valuation assertion for property, plant,

A: Option B is wrong because by touring the hotel for unused to equipment will provide data only…

Q: Measurement is the process of assigning numbers to objects such inventories or plant assets and o…

A: The process of assigning numbers or labels to any person , object or event is called measurements.

Q: Which of the following groups would be classified as intangible assets for financial accounting and…

A: An intangible asset is an asset that lacks physical substance. Examples are patents, copyright,…

Q: Explain the steps of depreciation analysis with the help of a numerical example. (Note: each student…

A: Solution- In accounting terms, depreciation is defined as the reduction of recorded cost of a fixed…

Q: Abstract company's fee for title search Architect's fees Cash paid for land and dilapidated building…

A: The Land account reports the cost of real estate, omitting the cost of any developed assets on the…

Q: Business Combination Versus Asset Acquisition Haley Corporation pays $3.900,000 in cash to acquire…

A: A business combination involves the acquisition of the entire business entity, including all its…

Q: How will the approach for verifying repair expense differfrom that used to audit depreciation…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: When DeSoto Water Works purchased a machine at the end of 2017 at a cost of $65,000, the company…

A: • Machinery is an asset. There is a decrease in assets value. Therefore, it is debited.  • Building…

Q: What is depreciation.and what are it's methods to find?

A: Depreciation refers to that accounting method where cost of a tangible or physical assets allocated…

Q: An actuarial scientist (the appraiser) with an insurance company in GA believes that the best…

A:

Q: Which of the following is not a typical internal control over long-lived assets?   a.  Periodically…

A: Long-lived assets are those assets whose life is more than a year. Means those assets are in the…

Q: The accountant has asked your team to explain to the intern of the other team the treatment for…

A: Capitalizing interest, in the context of account, refers to the practice of treating the interest…

Q: Why must we have an entry to remove fully depreciated fixed assets (no salvage value) from the books…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Prepare journal entries to record 1) Sale of asset (with loss on disposal) 2) Retirement of asset

A: Depreciation is charged to record reduction in value of assets over the period. At the time of sale,…

Q: Depreciation continues to be one of the most controversial, difficult and important areas of…

A: Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful…

Q: Question #5 b. What is the difference between User Specific Qualities and Primary Qualitative…

A: Accounting standards refers to those set of rules or standards which are considered as the initial…

Q: What is the purpose of teviewing repairs and maintenance expense accounts in audit of non-current…

A: While performing an Audit, various assertions are considered, namely: Accuracy  Completeness…

Q: Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The…

A: Journal entry is the primary step to record the transaction in the books of accounts. An intangible…

Q: What are the two main characteristics of intangible assets?

A: "Since you have asked multiple questions, the first question was answered for you. If you want the…

Q: nce that there are no significant amounts of unrecorded retirements of property, plant and…

A: Audit evidence refers to the information obtained by auditors while performing audit procedures to…

Q: For each property type below, find the correct property class and enter the number of years the…

A: Following is the description of the property and their class.

Q: How would you define depreciation and explain its purpose to someone who is not taking this course?…

A: Depreciation expense is the reduction in the value of assets due to normal wear and tear, the…

Q: Depreciation under Diminishing Balance Method is calculated on? A. Scrap Value B. Book Value C. Cash…

A: One way to spread out the cost of a tangible item over its useful life is through depreciation. The…

Q: The following is an example of a contra account:  Select one: Equipment Equipment expense Accounts…

A: Contra: If cash deposited in the bank it should be entered in the bank column on the debit side as…

Q: Explain the difference between Tangible Assets and Intangible Assets Please do fast ASAP fast

A: Tangible and Intangible Assets

Q: For the given asset, A computer used in your job, state whether the asset is tangible/ intangible…

A: Three conditions must be fulfilled for an asset to be depreciated. The commodity must be kept in the…

Q: Reviewing the general ledger for unusual large entries is an example of: * O Recalculation O…

A: 1. Recalculation : it is the audit procedure in which auditor recalculate the accounting figures to…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.