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The cost of repairing damage to a machine during installation is debited to a fixed asset account - False
The definition of an asset's price is all charges which are vital to get an asset in region and prepared for use. therefore, the cost of the installation exertions (wages and related fringe benefits) is a part of the cost of the asset (and no longer a right away cost of the accounting duration). Installation price way the fee and charges incurred and paid for via Tenant in performing changes in accordance with plans and specifications accepted by way of Landlord for its initial occupancy as evidenced by paid receipts for substances furnished and offerings rendered via impartial contractors.
All the amount paid upto the point an asset is prepared to be used is included in price of that asset. set up fees of a machinery bought are covered in price of equipment. those expenditure are termed as capital expenditure.
Fixed assets are non-current belongings that have a useful life of more than one year and appear on a company's balance sheet as belongings, plant, and equipment (PP&E).
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