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ASSET INFORMATION - INDEPENDENT All values provided should record asset information as of the date o

ASSET INFORMATION - INDEPENDENT All values provided should record asset information as of the date o 2025

ASSET INFORMATION - INDEPENDENT All values provided should record asset information as of the date o Preview on Page 1

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The document is a form for reporting asset information required for the completion of the 2012-2013 FAFSA. It includes sections for students to provide details about their cash, savings, checking accounts, net worth of investments and businesses, and instructions for submission to The College of New Jersey's Office of Student Financial Assistance.

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What is the concept of assets?

In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).

What concept requires all assets to be recorded in the books of account at their purchase price?

The concept ing to which assets are recorded in the books of accounts at the price at which they are acquired or purchased is called cost concept.

How to record asset retirement obligation?

Accounting for Asset Retirement Obligations Step 1) Record Initial Liability at Present Value. Step 2) Record accretion expense and increase ARO liability. Step 3) Record depreciation expense and accumulated ARC. Step 4) Record entry when asset is retired or decommissioned.

What is the principle that assets should be recorded?

The cost principle is an accounting principle that records assets at their respective cash amounts at the time the asset was purchased or acquired. The amount of the asset that is recorded may not be increased for improvements in market value or inflation , nor can it be updated to reflect any depreciation.

What information should be on an asset register?

It includes details on assets such as location, condition, owner, and value. The purpose of an asset register is to enable businesses to know the status, procurement date, location, price, depreciation, and current value of each asset.

What is the concept that assets should be recorded at the cash equivalent?

The concept that assets should be recorded at cash-equivalent value pertains to fair value accounting, which emphasizes recording assets based on their current market price rather than historical costs. This practice allows for a more accurate representation of an organizations financial position and asset liquidity.

When should fixed assets be recorded?

Fixed assets should be recorded at cost of acquisition. Cost includes all expenditures directly related to the acquisition or construction of and the preparations for its intended use.

ASSET INFORMATION - INDEPENDENT All values provided should record asset information as of the date o 2025

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