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Likely Errors

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    FAISAL A.
    YE
    FAISAL A.

    What are the gains and proceeds in terms of long-term assets and short term

    Gabriel O.
    ML
    Gabriel O.

    When long-term assets are sold, the amounts received are referred to as the proceeds. If the amount of the proceeds is greater than the book value or carrying value of the long-term asset at the time of the sale, the difference is a gain on the sale or disposal. If the amount received is less than the book value, the difference is a loss on the sale or disposal. Depreciation must be recorded up to the date of the disposal in order to have the asset's book value at the time of the sale. On the statement of cash flows, the proceeds from the sale of long-term assets are reported in the investing activities section, while the gain on the sale appears in the operating activities section as a deduction from net income.

    Wendy C.
    AU
    Wendy C.

    Likely errors occur due to classification often.

    Samuel F.
    ZA
    Samuel F.

    What is the difference between gains and proceeds in terms of long-term assets?

    Harrison A.
    AT
    Harrison A.

    Errors in accounting occures when information are not properly guieded with varification and onces it happens, it affects all the records that may haved used the wrongful report provieded .

    Zachary B.
    US
    Zachary B.

    What are likely errors?

    Diamond T.
    US
    Diamond T.

    When long-term assets are sold, the amounts received are referred to as the proceeds. If the amount of the proceeds is greater than the book value or carrying value of the long-term asset at the time of the sale, the difference is a gain on the sale or disposal. If the amount received is less than the book value, the difference is a loss on the sale or disposal. Depreciation must be recorded up to the date of the disposal in order to have the asset's book value at the time of the sale. On the statement of cash flows, the proceeds from the sale of long-term assets are reported in the investing activities section, while the gain on the sale appears in the operating activities section as a deduction from net income.

    Douglas R.
    US
    Douglas R.

    Depreciation.

    Ardian R.
    flag-default-icon
    Ardian R.

    From time to time when we pick up new clients we find that the depreciation deduction that was taken for a client is incorrect. This can result from using an incorrect life or method of depreciation for a particular asset or group of assets, or from an asset never being depreciated.

    Erick V.
    PE
    Erick V.

    la depreciacion debe de ser progresiva por periodo contable no proyectada

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