DEPRECIATION AND IMPAIRMENT OF FIXED ASSETS: THE HUMAN ASPECT

In real life, one thing certainly shall happen to us and if care is not taken the second could also happen along the line. We shall draw from accounting knowledge again today. Well what else can I give you? Science or Arts? Sorry I wasn’t trained in any of those fields. This is line with the legal term “Nemo dat quod non habet” – meaning no one can give you what he doesn’t have! In managing fixed assets of an organization, accountants do spread the useful lives of the assets over a certain period. This is meant to reduce the […]

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GOODWILL LINKED TO YOUR VOCATION AND PROFESSION

Last week, we were permitted to look at how we could be blessed through the act of giving. Today I would like us to look at one of the contentious issues and therefore the transactions that had been a subject of much debate in the past as far as accountancy is concerned: GOODWILL. Goodwill is part of the assets of an organization that are classified as intangible; in other words you can never see that type of assets in the organization but it exists. The brand of the organization, the reputation of the skilled workforce, the solid customer base, the […]

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