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1. Asset Identification:
Assigning unique identification numbers or codes to each fixed asset for easy differentiation and tracking.
2. Description:
Providing detailed descriptions of each fixed asset, including specifications etc.
3. Acquisition Details:
Recording information about the acquisition of each asset, such as purchase date, cost, vendor details etc.
4. Depreciation Records:
Maintaining calculations and records of depreciation for each asset, specifying the depreciation method employed (e.g., straight-line, declining balance).
5. Asset Classification:
Categorizing assets based on their nature, function, or industry standards, facilitating financial reporting and analysis.
6. Disposal Information:
Maintaining records of assets that have been disposed