Tangible assets normally are long term capital assets, but could be short term. Some long term tangible assets can be depreciated while others can not. For example a building or piece of equipment is a tangible long term asset that can be depreciated for financial and tax purposes. Land is also a tangible asset, but can not be depreciated.
Some of the basic issues related to accounting for intangible assets are non-monetary assets which are not seeable. This generates time and effort to classify separate asset. Legal intangibles and Competitive intangible are customers' information, rights, and cost within the organization. It is also recorded as organization's cost.
Current assets are those assets which is usable in current fiscal year while total assets includes assets other then current assets like long term assets as formula showTotal assets = current assets + fixed assets
Personal assets is assets that are owned by a person. Company assets are assets that are own by the company.
Intangible Assets are not included in current assets. They are usually listed under Other Assets.
We can feel tangible asset,where as we cannot feel intangible asset
Fixed Assets.
It is a balance sheet that does not segregate, or classify, current and non-current assets and liabilities
You need to define how you classify them. Assets. Customers. Deals etc. There are different types of banks.
Intangible Assets could be such personal assets such as a beautiful singing voice, an ability to play a musical instrument, an ability to act well, be good at a sport(s), etc.; especially, if you are good enough to earn income from your ability (thus, the income becomes your tangible assets).
Tangible assets normally are long term capital assets, but could be short term. Some long term tangible assets can be depreciated while others can not. For example a building or piece of equipment is a tangible long term asset that can be depreciated for financial and tax purposes. Land is also a tangible asset, but can not be depreciated.
Land is not a current asset and if recorded as current asset then no entry required to re-classify as fixed asset.
Some of the basic issues related to accounting for intangible assets are non-monetary assets which are not seeable. This generates time and effort to classify separate asset. Legal intangibles and Competitive intangible are customers' information, rights, and cost within the organization. It is also recorded as organization's cost.
you can not classify this. How can you classify them?
We will classify this new species as a mammal.How do you classify this, Mister Burns?
why do we classify skills
You classify plants by their reproduction.
The opposite of classify is typically "declassify," which means to remove or make information no longer classified.