Lease-Purchase – Lease of fixed asset that may extend over several months or years and upon the conclusion of the term results in County ownership. PROCEDURES. The guide is divided into eight sections – (I) Overview for.Filing a Business Property Statement, (II) Filing a Form 571-L Electronically (e-File),. Learn the foundations of fixed asset accounting, including definitions, formulas, and applications. The program is designed to produce individuals who are qualified with knowledge and skills in Professional Accounting and Accounting Information Systems. A sample entry to record a fixed asset purchase would be as follows: Fixed asset journal entry. Depreciation.