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Anybody please define Asset Accounting? significance and
procedures.
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Answer Posted / enthusiasm
Asset Accounting is used for Accounting of Fixed Assets in
an organisation.
Significance of asset accounting lies broadly in the
following areas
1. It follows Subsidary Ledger Concept
2. It allows categorisation of Assets as
a. Self Built
b. Purchased
3. Depriciation posting is automated.
4. Has incorporated features that help in better reporting
of Fixed Assets.
Procedure:
1.The most important procedure in Asset Accounting is
mapping the Subsidary Asset Account Number to the
Corresponding General Ledger Account and thereby enabling
automatic updation at any point of time.
2.Planned Depriciation Runs must be run to make Depn
postings.
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