Keyword Analysis & Research: resources definition accounting

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Why is resource accounting important in the government?

Resource accounting will require that departmental assets are valued, recorded, charged for and reported. This discipline should promote and facilitate good stewardship on behalf of departments, both to justify their use of assets and their retention. Similar arguments apply to liabilities.

How are natural resources expensed in a company?

Just like other long-term assets, natural resources are expensed over time. Expensing a natural resource is called depletion. Depletion is recorded every year along with fixed asset depreciation and intangible asset amortization.

Why are natural resources referred to as wasting assets?

In contrast with a car that can be used and reused. Natural resources like gas, oil, lumber, and coal are often called wasting assets because they must be consumed in order to be used.

How are economic resources used in the economy?

Lesson Summary. Economic resources are the inputs we use to produce goods and services. An economy cannot function without many of these resources. Economic resources can be divided between human resources and nonhuman resources.

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