ACCOUNTING: INVENTORIES AND FIXED ASSETS
CFB-R (LOCAL)

Fixed assets are recorded in the financial records on the basis of original cost. Fixed assets may be acquired by any of the following methods: purchase, lease-purchase, construction, tax foreclosures and gifts. If fixed assets are acquired by gift or tax foreclosure, then the market value on the date received is the amount to be recorded. Bulletin 679, Procedure ACT-305 The recommended classes for accounting and financial statement purposes are: Land, Buildings, and Improvements, Construction-in-Progress and Furniture and Equipment. Certain fixed assets, such as Furniture and Equipment, should be inventoried each year - usually at the end of the school year before the staff members are off-duty. Bulletin 679, Procedure ACT-305 Fixed Assets shall be defined as any per unit item with a cost of $5,000 or more. Bulletin 679, Procedure ACT-305