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What is Equipment in Accounting

>> April 18, 2011

Equipment may be defined as all such instruments which are used for producing any product or machine or service. They have specific design to handle specific activities. They are purchased for long period. So, equipment is the part of fixed assets. We charge depreciation on equipment with certain rate of depreciation. For showing its correct written down value in books of company. We may give other name of equipment like tool, implement, or apparatus. There is little difference between machine and equipment. Machine has its own system to do any work but equipment is just a mechanical tool for using production or making or repairing any big machine. That is the reason, we keep all equipment in separate head in fixed assets.

Now we are discussing equipment which is used in accounting

1. Financial Calculator

 A financial calculators is an electronic calculator that performs financial functions commonly needed in business and commerce communities.

2. Computer Printer

For printing accounting reports.

3. Accounting Software

For recording, saving and analysis of transaction.

4. Photocopiers

For photocopy of any original accounting report.

5. Unit record Equipment

To record the units. There is no such equipment is used.

6. Unit Measurement Equipment

For measuring inventory's unit. Read more detail of units of measurement of inventory

7. Other

According to the need of accounting work.

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