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3. ACCOUNTING 3.3 3.3.4 Capital Assets Capital Asset System Accounting 3.3.4.10 Once the capital asset system is in operation, the government needs to make sure that assets which should be capitalized

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What is capital assets?

Capital assets are long-term assets that are used in the production of goods or services and are not intended for sale in the normal course of business.

Who is required to file capital assets?

All businesses and individuals who own capital assets are required to file information on their capital assets.

How to fill out capital assets?

Capital assets are typically reported on a company's balance sheet and may require detailed information such as depreciation, acquisition cost, and useful life.

What is the purpose of capital assets?

The purpose of capital assets is to provide information on the long-term assets owned by a business or individual and their value.

What information must be reported on capital assets?

Information such as description, acquisition cost, useful life, depreciation, and current value must be reported on capital assets.

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