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In general, a motor vehicle is considered a fixed asset for a company if (1) it is owned by the company and (2) it is used by the company for generating revenue.
Many companies; however, choose not to own vehicles outright and select leases because they (a) do not want to carry additional assets on their balance sheets or (b) want to better relate the majority of vehicle costs (including usage) to revenue generation (if they stop producing, they will stop paying to lease the car).
What else can I help you with?
Is a motor vehicle an asset or liability?
asset
Why do amount for vehicle appear under non current asset and current asset?
Because it's a fixed asset
Are motor vehicles a debit or credit?
Motor Vehicle is an asset for business and long term asset which is shown under balance sheet as a asset and like all other fixed assets which has debit balance as normal balance it also has debit balance as normal balance.
Why do amount of vehicles appear in non-current assets and current assets?
Vehicle is a fixed asset so it should be shown in fixed asset list and not in current asset list.
Motor vehicles were as fixed assets but why at the same time its can be as current asset also?
A motor vehicle can be a current asset for a company whose business is to sale vehicles.For example Toyota motor co trades in vehicles among other business lines.For Toyota the vehicles they hold for trading purposes are it's stock ,hence a current asset. Kachana Mushongo contact kachana@accamail.com
What Types of fixed asset?
1)Tangible fixed asset 2)Intangible fixed asset 1)Tangible fixed asset 2)Intangible fixed asset
Is a desk a fixed asset or a current asset?
A fixed asset.
Is good is a fictitious asset or fixed asset?
fixed
Are repairs on a vehicle considered a fixed asset?
If repair improves the performance of fixed assets and massive improvement then it is part of fixed assets otherwise revenue expense.
Is motor vehicle a current asset?
Yes, a motor vehicle can be considered a current asset if it is intended for sale or used in the operations of a business within a year. However, if the vehicle is primarily used for long-term purposes, it would typically be classified as a non-current asset. The classification depends on the context of its use within the business.
Is car a fixed asset or current asset?
fixed assest
Is fixed asset a current asset?
fixed deposit is an assets
