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Fixed assets are those items which is used by business for more than one fiscal year to generate revenue like machinery, land, building etc.
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∙ 9y ago
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What is a fixed assets inventory?
fixed asset inventory means the inventory of all fixed assets in business used to generate revenue of business.
Why land is called fixed asset?
fixed assets are those assets which are not intended to sale. If we sell those assets then our business will not survive.
What is the amount of the fixed asset?
Fixed assets are those assets which are available in business to generate economic revenue in business for more than one fiscal year.
What costs can you include in a new fixed asset?
Fixed assets are also tangible assets with the following characteristics: (1) for the production of goods, provide services, for rental or administrative purposes; (2) to a term of over one year; (3) high unit price. Classified by economic use of fixed assets, fixed assets can be divided into production and business class business class of all fixed assets of .1 non-production, production and operation class of fixed assets, is the direct service of production, business process various types of fixed assets. Such as the production and management with houses, buildings, machinery, equipment, utensils, tools. 2, non-production business with the fixed assets is not directly serving production and business processes of various fixed assets. Such as dormitories, dining hall, bathrooms, hairdressing room and so the use of housing, equipment and other fixed assets, etc.. Hug the use classification of fixed assets can be divided into fixed assets in use, no use of fixed assets and fixed assets not required. Classification of the ownership of fixed assets can be divided into fixed assets owned fixed assets and rental income. Leased fixed assets are divided into operating lease of fixed assets and fixed assets financed by leasing. The economic use of fixed assets and use of comprehensive classification: 1, production and operation of fixed assets. 2, with fixed assets of non-production operations. 3, leased fixed assets. Means the lease under operating lease of fixed assets to other units. 4, No need for fixed assets. 5, no use of fixed assets. 6, the land. That in the past has accounted for the land alone. Paid for land acquisition compensation fee, should be included in land-related housing, the value of the building, 7, fixed assets financed by leasing. Details of fixed assets subject to classification according to the set, also can directly write the name of the specific device. The use of accounting software have now fixed detailed title. Subjects use a lot, as long as the related fixed assets accounting are required.
What Expenses recorded as fixed assets?
Those costs which used in business for more than one fiscal year treated as fixed assets.
What is the difference between fixed assets and current assets?
current assets areflexible in nature ' easy encash fixed assets are fixed in nature ;non-moving assets are not easy to encash regulary [by:naruto akiem]
What are fixed assets?
Fixed asset is a financial term, that is, in comparison to current assets (money, bank accounts), fixed, which means it can't be easily converted to liquid assets.
Difference between inventory and fixed assets?
fixed assets are long term assets which used by business for revenue generation while inventory is current asset used for one fiscal year.
Fixed assets is definitely not fixed why?
if the assets is sold, traded in or disposed of with in 12 months then its not in the business any more and all fixed is subject to change with in the 12 months there is no gurantees it will be here for 12 months.
What is sale of fixed assets?
Fixed assets are the assets of business concern. The value of these assets, except land, gets depreciated year by year and the allowance of such depreciation is availed for tax exemption purposes on a regular basis. When such the assets are sold for a consideration, it is called the "sale of fixed assets" and the gain / loss on sale of such assets is assessed based on the written down value as on the date of such transaction.
Characteristic of a fixed asset is that it is?
A characteristic of a fixed asset is that it is used in the operation of a business. Examples of fixed assets include office equipment, computers, and machinery.
Is gross block current assets or fixed assets?
fixed assets
