Question

Explain the kinds of information that must be maintained in fixed asset records during the asset continuance phase.

Answer 1

Answer)

Here,Fixed assets continuance phase refers to update records accurately throughout their useful life.

The information that is maintained is depreciation where different rates and methods may be used for different assets which may be complex job but must be done accurately, any costs that used to updation of asset and qualified for capitalisation, updation of estimated figures like useful life of assets,expected salvage value and keeping track of physical location where the asset is maintained.