Disposal Of Non-current Assests Flashcards Preview

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Flashcards in Disposal Of Non-current Assests Deck (5)
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1
Q

Disposals account

A

The ledger account used to record all aspects of the disposal of the non-current asset

2
Q

Gain or loss on disposal

A

The difference between the carrying amount of the asset at the date of disposal and the disposal proceeds

3
Q

Non-current assets register

A

A register that lists all the tangible non-current assets owned by the business, and inc detailed info on the cost, acquisition date, depn, carrying amount and ultimately, the disposal details of each item.

4
Q

Part exchange

A

A method of disposal whereby the old asset is given in part exchange for a new asset

5
Q

Part exchange allowance

A

The value assigned to the old asset being part- exchanged by the supplier of the new asset.