Nevada Administrative Code
Chapter 706 - Motor Carriers
UNIFORM SYSTEM OF ACCOUNTS FOR LIMOUSINE COMPANIES
Accounts
Section 706.401951 - Current assets: Account for inventory supplies
Universal Citation: NV Admin Code 706.401951
Current through December 31, 2024
1. The account for inventory supplies must include the inventories of:
(a) All gasoline and other fuel in storage tanks at the end of the accounting period, computing value at the lower of cost or market; and
(b) All oil, tires, batteries, radio parts, shop parts and small tools on hand at the end of the accounting period, computing value at the lower of cost or market.
2. Appropriately titled subaccounts must be maintained for materials and supplies relating to each of the functional divisions maintained by the company, including, without limitation, operating, dispatching, shop and garage, and general.
3. The differences between the opening inventories at the beginning of an accounting period and the year-end inventories must be recorded as adjustments to the following accounts for operating expenses described in subsection 6 of NAC 706.401982:
(a) Account for fuel.
(b) Account for oil.
(c) Account for tires.
(d) Account for repairs and maintenance.
Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002
NRS 706.167, 706.171
Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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