Depreciation and Wasting Assets and Their Treatment in Assessing Annual Profit and Loss

Depreciation And Wasting Assets And Their Treatment In Assessing Annual Profit And Loss – is a book which was published in 1912 and written by Percy Dewe Leake, Fellow of The Institute of Chartered Accountants in England and Wales, Fellow of the Institute of Directors Fellow Of The Royal Statistical Society. The main purpose of this work is to show that the current disregard for the systematic annual accounting of expiring capital expenditures made upfront on income is a matter of long-standing custom, not an imperative necessity. Absolute accuracy cannot be achieved, but a system can easily be obtained that gives results close to accuracy compared to the complete absence of the method at the present time. Accounting for capital expenditures associated with such expenditures is always aimed at a specific goal, the duration of which is constantly expiring and which, if correctly considered, is not completely affected by current market fluctuations in value, is just as important as accounting for current cash costs, which are now always minutely recorded and monitored with a thousandfold detail. Any kind of squandering asset used in the pursuit of profit is undoubtedly worth keeping a simple accounting record each year for a period of service during which useful value must expire. All that is needed is the use of suitable accounting equipment, in addition to the regular financial ledgers, in which the estimates of engineers or other technical consultants must be recorded and which enable accountants to make such estimates financially worthwhile. Such accounting equipment could provide an invaluable clue to the details of capital expenditure investments, which are generally shown in ordinary financial ledgers.