What are the advantages of farm machinery?
Wikipedia continues: “Besides improving production efficiency, mechanization encourages large scale production and improves the quality of farm produce. On the other hand, it displaces unskilled farm labor, causes environmental pollution, deforestation and erosion.”
What is machinery and equipment?
"Machinery and equipment" means: "Industrial fixture" means an item attached to a building or to land. It must have a function relative to an industrial fixture or a device. ... To determine if some portion of a building is a support facility, the parts of the building are examined.
What are examples of equipment?
Examples of professional equipment
- personal computers.
- telefax equipment.
- cameras of all kinds (film and electronic cameras)
- sound or image transmitting, recording or reproducing apparatus (tape and video recorders and video reproducers, microphones, mixing consoles, loudspeakers)
- sound or image recording media, blank or recorded.
Is machinery an asset?
No, machinery is not a current asset for accounting purposes. A current asset is any asset that will provide an economic value for or within one year. Machinery is part of the property, plants, and equipment, or PP&E, account on the balance sheet.
What is difference between plant and machinery?
Plant is taken as immovable property or property that has been attached to the earth whereas machinery is machines that can be taken out of the factory on a short notice.
What are the examples of plant and machinery?
Examples of property, plant, and equipment (PP&E) include:
- Vehicles like trucks.
- Office furniture.
- Undeveloped land.
What does plant and machinery include?
Plant and Machinery means all plant and machinery, equipment fittings, installations and apparatus, tools, motor vehicles and all other such assets (other than Fixtures) whatsoever, wherever situate, which are the property of the Chargor at the date of this Debenture.
What type of account is plant and machinery?
Definition of Property, Plant and Equipment Property, plant and equipment is the long-term asset or noncurrent asset section of the balance sheet that reports the tangible, long-lived assets that are used in the company's operations. These assets are commonly referred to as the company's fixed assets or plant assets.
What is machinery accounting?
Machinery. Typically refers to production machinery. Office equipment. Includes copiers and similar administrative equipment, but not computers (for which there is a separate account).
What is plant on a balance sheet?
A plant asset is an asset with a useful life of more than one year that is used in producing revenues in a business's operations. ... Plant assets and the related accumulated depreciation are reported on a company's balance sheet in the noncurrent asset section entitled property, plant and equipment.
Is Accounts Payable an asset?
Accounts payable is considered a current liability, not an asset, on the balance sheet.
Why is Accounts Payable not debt?
Why is “accounts payable” not treated as debt financing? ... Accounts Payable is primarily for goods and services the company has received and which have to be paid for within one year. It is considered a Current Liability (current meaning due soon) as opposed to a Long Term Liability.
Is salary an asset or expense?
Since Salaries are an expense, the Salary Expense is debited. Correspondingly, Salaries Payable are a Liability and is credited on the books of the company.
What is Accounts Payable full cycle?
The full cycle of accounts payable process includes invoice data capture, coding invoices with correct account and cost center, approving invoices, matching invoices to purchase orders, and posting for payments. The accounts payable process is only one part of what is known as P2P (procure-to-pay).
Is accounts payable long term debt?
Another common type of short-term debt is a company's accounts payable. ... Most leases are considered long-term debt, but there are leases that are expected to be paid off within one year.
What are examples of long term debt?
Some common examples of long-term debt include:
- Bonds. These are generally issued to the general public and payable over the course of several years.
- Individual notes payable. ...
- Convertible bonds. ...
- Lease obligations or contracts. ...
- Pension or postretirement benefits. ...
- Contingent obligations.
Is Accounts Payable a noncurrent asset?
Non-current Liabilities Accounts payable are obligations to be met within a year. These have long term obligations to be met after a year or more than a year. It does not intrude on the conversion cycle of goods. It falls under the current liabilities section of the balance sheet.
Are retained earnings an asset?
Are retained earnings an asset? Retained earnings are actually reported in the equity section of the balance sheet. Although you can invest retained earnings into assets, they themselves are not assets.
What is the journal entry for retained earnings?
The normal balance in the retained earnings account is a credit. This means that if you want to increase the retained earnings account, you will make a credit journal entry. A debit journal entry will decrease this account.
What are examples of retained earnings?
The Retained Earnings account can be negative due to large, cumulative net losses. Naturally, the same items that affect net income affect RE. Examples of these items include sales revenue, cost of goods sold, depreciation, and other operating expenses.
What account is retained earnings?
Retained Earnings is the collective net income since a company began minus all of the dividends that the company has declared since it began. It is recorded into the Retained Earnings account, which is reported in the Stockholder's Equity section of the company's balance sheet.
Are Retained earnings owners equity?
Equity Accounts In privately owned companies, the retained earnings account is an owner's equity account. Thus, an increase in retained earnings is an increase in owner's equity, and a decrease in retained earnings is a decrease in owner's equity.
Is Retained earnings like a bank account?
While the amount of a corporation's retained earnings is reported in the stockholders' equity section of the balance sheet, the cash that was generated from those retained earnings is not likely be in the company's checking account.
Can you spend retained earnings?
Retained earnings are the portion of a company's profit that is held or retained and saved for future use. Retained earnings could be used for funding an expansion or paying dividends to shareholders at a later date.
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