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What is asset class? What are depreciation areas?

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What is asset class? What are depreciation areas?..

Answer / nazeer ahammed

Asset class:classfying fixed assets in arganisation as per
particular country legal requirements.
ex: land,buildings,plant,machinery,furniture and
fixtures,vehicles,capital workin progress etc.,

for example take building as one asset class:
house hold building
commersial building
factory building
agriculture building
etc.,

Depreciation Areas:

Depreciation areas are used to calculate depreciation for
different reporting purposes.
ex:
Book depreciation(as per company Act 1956)
special Tax depreciation(as per income tax act 1961)
group depreciation
cost depreciation
management depreciaion
etc.,

Is This Answer Correct ?    47 Yes 2 No

What is asset class? What are depreciation areas?..

Answer / pravin chalke

Asset class is the main criterion for classifying fixed
asset according to requirements of management and leagal
requirements of particular country.Each asset master is
assigned to Asset class.there are special asset classes e.g
AuC(asset under construction,low value asset,leassed
asset,financial asset technical asset.
an essencial function of the asset class is to establish a
link between the asset master recordand the accounts to
which the related values and depreciation are posted in the
general ledger

Is This Answer Correct ?    32 Yes 3 No

What is asset class? What are depreciation areas?..

Answer / venkat

Asset classes are the most important means of structuring
fixed assets. You can define an unlimited number of asset
classes in the system. You use the asset classes to
structure your assets according to the requirements of your
enterprise. Asset classes apply in all company codes. The
asset class catalog, therefore, is relevant in all company
codes in a client. The preceding is also true when the
company codes have different charts of depreciation and
therefore different depreciation areas.

Is This Answer Correct ?    38 Yes 12 No

What is asset class? What are depreciation areas?..

Answer / pallavi

Asset class means number of similar nature asset are maintain under one group or block call Asset class
Example-Land and Building (asset class)
Building 1
Building 2
building 3

Is This Answer Correct ?    9 Yes 0 No

What is asset class? What are depreciation areas?..

Answer / manovijay

Asset class is group of slimier kind of group of assets
the asset class is control asset screen layout rule
it is used to account determination.

Depreciation Areas:s

Depreciation areas are used to calculate depreciation for
different reporting purposes.
ex:
Book depreciation(as per company Act 1956)
special Tax depreciation(as per income tax act 1961)
group depreciation
cost depreciation
management depreciaion
etc.,

Is This Answer Correct ?    5 Yes 0 No

What is asset class? What are depreciation areas?..

Answer / seetaram

Asset class:

Asset class:classfying fixed assets in arganisation as per
particular country legal requirements,depending on nature of asset

Depreciation Area:
dep area which shows the valuation of fixed asset for particular purpose.

Is This Answer Correct ?    4 Yes 0 No

What is asset class? What are depreciation areas?..

Answer / venkat

dep area defines valuation of asset

Is This Answer Correct ?    17 Yes 15 No

What is asset class? What are depreciation areas?..

Answer / mouly

asset classes are most important,means of structuring fixed asset.classifying fixed assets in organisation as per country legal requirments. ex: land, building. furniture, vechicles etc....
without assest class we can't create asset master data

Is This Answer Correct ?    1 Yes 0 No

What is asset class? What are depreciation areas?..

Answer / yoginder singh

Asset classes is a criteria for structuring fixed asset from
an accounting point of view.
Asset classes is a classification parameter used to
categorize asset into such categorize as building, machinery
vehicles and furniture.
The depreciation area is donated by a 2-character code in
the system. The depreciation area contain the depreciation
terms which are required to be entered into asset master
records.
The other depreciation areas include.
1. Special tax depreciation.
2. Tax balance sheet depreciation.
3. Company act 1956 and etc.

Is This Answer Correct ?    0 Yes 0 No

What is asset class? What are depreciation areas?..

Answer / rsrihari968@gmail.com

dep. area consist method of dep., type of dep., multilevel method & Periodic controls.

Example:method of dep=% of dep or Useful life
Type of Dep: ordinary or special dep.
Multilevel method: SLM or WDV

Periodic Control Method: if asset acq. or use
morethan 180 Days then full
dep. otherwise half dep. cal.

Is This Answer Correct ?    0 Yes 0 No

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