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Acquisition |
Acquisition refers to an asset that is acquired in the current accounting period. |
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Acquisition Cost |
Acquisition Costis the Unit Cost multiplied by the Quantity. |
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Asset |
Any item ofeconomic valueowned by an individual orcorporation. |
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Asset Life |
The Asset Life is the length of time you are expecting to keep the asset before retiring it. |
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Book Value |
Book Valueis the current value of an item after depreciation has been applied and is the sum of the Total Cost plus Improvements minus the Total Depreciation amount. |
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Capitalized |
A capitalized asset is a GASB-reportable asset that may be depreciable or non-depreciable. |
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Current Depreciation |
Current Depreciationis the depreciation that has been applied in the current fiscal year. |
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Depreciable |
Depreciable indicates that an asset’s decrease in value is to be recorded as an expense over the life of the asset. |
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Depreciable YTD |
Depreciable YTDis an asset’s decrease in value that is recorded as an expense for the current fiscal year. |
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Improvements Cost |
Improvement Costis the cost of improvements to the asset that increase its overall value. |
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Non-Capitalized |
A non-capitalized asset is an asset tracked for inventory only and is generally non-depreciable. |
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Unit Cost |
Unit Costis the cost of a single item. |
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Salvage Value |
Salvage value is the estimated resale value of an asset at the end of its useful life. It is subtracted from the Total Cost when calculating depreciation. |
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Total Cost |
Total Costis the cost of the Asset, including the original acquisition cost and any improvements. It is calculated by the Quantity multiplied by the Unit Cost plus Improvements. |
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Total depreciation |
Total Depreciationis the depreciation that has been applied over the life of the asset. It is calculated by the Age (months) of the asset and multiplyingby the Monthly Depreciation. |