SISTEM PENGURUSAN ASET TETAP KULIAH 11 SISTEM PENGURUSAN ASET TETAP

MAIN OBJECTIVE To facilitate the acquisition, economic life and disposal of needed fixed assets.

OBJECTIVES To ensure that all acquisitions are properly approved and recorded and exchanged of cash and equivalents. To safeguard the fixed assets in assigned locations.

OBJECTIVES To reflect depreciation expense properly and consistently in accordance with an acceptable depreciation method. To ensure that all disposals are properly approved and recorded.

FUNCTIONS Acquiring the fixed assets. additional fixed asset. replace an asset.

FUNCTIONS Maintaining the fixed assets during their economics lives. all acquisition costs. the estimated salvage value. estimated economic life. the location.

FUNCTIONS Disposing of the fixed assets. Sold. Retired. Exchanged for replacement assets.

TRANSACTIONS Three types of transaction: Acquisition of property. Depreciation. Disposition of property.

TRANSACTIONS Acquisition of property: Two types: Buy Construct. Processed by expenditure cycle.

TRANSACTIONS Depreciation: To approximate the consumption of property, plant and equipment as the firm produces goods or services.

TRANSACTIONS Disposition of property: Retire. Sale. Exchange.

DOCUMENTS Related Document Activity 1. Acquisition of asset. Capital acquisition request. Capital work order. 2. Depreciation. Journal voucher. 3. Disposition of asset. Retirement work order.

REPORTS Control reports Registers. Special purpose reports. property listing. depreciation schedule.

REPORTS Control report: To determine the number or amounts of transactions is correct.

REPORTS Register: Report listing the transactions of a specific type processed during a reporting period. Provide audit trail. By showing the changes that occurred in an account balance during the period. Two types: Asset acquisition schedule Asset disposal schedule.

REPORTS Special purpose reports: Property listing. Identifies the location of all property, plant and equipment. Uses when conducting a physical count of property. Provides detail that supports the balances in property, plant and equipment accounts

REPORTS Special purpose reports: Depreciation schedule. Shows annual depreciation amounts for items of property. Allows accountant to determine the proper amount of annual depreciation each year without recalculating it.

RECORDS Property ledger. A subsidiary ledger for the Property, Plant and Equipment account in the general ledger. Discloses an identifying number for the asset, its description, location, date of acquisition and cost.

CONTROL ACTIVITIES Controls Activity Transaction Authorization Higher-level approvals required for higher-value purchases.

CONTROL ACTIVITIES Controls Activity Security for assets and records Receiving/inspection report prepared as asset is received. Receiving report is pre-numbered. Accepted by user department.

CONTROL ACTIVITIES Controls Activity Segregation of duties Purchasing and accounts payable. Adequate documents and records Request for capital asset acquisition. Initiated for user department. Approved by higher-level management as needed.

CONTROL ACTIVITIES Controls Activity Adequate documents and records Purchase order Prepared only on receipt of request for capital acquisition. Pre-numbered. Vendor choice based on competitive bidding. Checked for price, specifications and terms.

CONTROL ACTIVITIES Controls Activity Adequate documents and records Voucher package Invoice sent directly to accounts payable. Pre-numbered. Supported by request for capital asset acquisition, purchase order, receiving/inspection report and original invoice. Verified.