SAP FICO interview question on Asset accounting.

Asset Accounting

What is asset master?

Asset Master contains details of asset as follows:

1. Asset No.

2. Asset Sub No.

3. Asset Description

4. Asset Main No text

5. Account determination

6. Quantity

7. Item number

8. Capitalization on

9. First acquisition on

10. Acquisition year

11. Business area

12. Cost center

14. Res cost center

15. License plate no.

16. Employee Id

17. Equipment class

18. Vendor

19. Manufacturer

20. Country

21. Original asset

22. Depreciation area

23. Depreciation key

24. Use life.

What is asset class? What are depreciation areas?

Asset class: 

Classifying fixed assets in organization as per particular country legal requirements. ex: land, buildings, plant, machinery, furniture and fixtures, vehicles, capital working progress etc.,

for example take building as one asset class:
House hold building
Commercial building
Factory building
Agriculture building etc.,

Depreciation Areas:

Depreciation areas are used to calculate depreciation for different reporting purposes.

Ex:
Book depreciation(as per company Act 1956) special Tax depreciation(as per income tax act 1961) group depreciation cost depreciation management depreciation etc.,