Cost of motor vehicle accounting

  • Is motor vehicles an operating expense?

    If the car is used for business purposes, it would be classified as an operating expense.
    This would include vehicles that are used for sales, deliveries, or other business-related activities.
    The cost of fuel, maintenance, and repairs would be recorded as expenses on the company's income statement..

  • What type of account is a motor vehicle account?

    Answer: Motor car is an example of a Real Account.
    Explanation: Real Accounts are the ones that represent assets and liabilities, no matter whether it's tangible or intangible, whose balance is carried forward in the next year..

For example, if the annual ownership cost of a car is $2,000 and you drive it 10,000 miles per year, the cost is 20 cents per mile ($2,000 / 10,000 = $.20).
The “cost price” of the car for FBT purposes will be the purchase price plus the cost, including freight insurance costs, of transporting it to Wellington (all 
Cost of motor vehicle accounting
Cost of motor vehicle accounting

Motor vehicle act in India

The Motor Vehicles Act is an Act of the Parliament of India which regulates all aspects of road transport vehicles.
The Act provides in detail the legislative provisions regarding licensing of drivers/conductors, registration of motor vehicles, control of motor vehicles through permits, special provisions relating to state transport undertakings, traffic regulation, insurance, liability, offences and penalties, etc.
For exercising the legislative provisions of the Act, the Government of India made the Central Motor Vehicles Rules 1989.

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