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What is asset class? What are depreciation areas?
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Answer Posted / 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
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