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