Question

Accounting for fixed assets pooling in subscription

Answer 1

Answer:

A fixed asset is different than an expense in that it will have value to a company beyond the current year. Because it has a long life, GAAP requires that it is capitalized as an asset on the balance sheet and the total cost brought into expenses over time.

Answer 2

Explanation:

Timely and accurate financial reporting on facility construction and capital equipment activities must be provided to DOE management;.