0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How do you classify 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.
What does the assets section of a classified balance sheet usually include?
Classified balance sheets generally subdivide its major categories into short-term and long-term parts. In a classified balance sheet, the assets section usually includes:Current Assets (or Short-Term Assets)Fixed Assets (or Long-Term Assets)Sometimes, additional sections may be included:Intangible Assets (may be included under current/fixed depending on the nature of the intangibles)"Other" Assets (any other assets that do not fall under the above, such as contingent assets)
What accounts the assts division should contain?
2 main typrs of assets : A- Current Assets B- nonCurrent Assets Current assets include Cash and any other items which can convert to cash within one year , Examples of Current assets are Cash , Acc. Rec. , Inventory , Prepaid Expenses NonCurrent Assets : items can't be easily Converted into Cash & will use for extended period of time B-NonCurrent Assets include 1-Fixed Assets " Tangible Assets " : Land, building , office furniture , vehicle ... 2- Intangible Assets : GoodWill , Patent , Trademark... 3- Long Term Investment : Bonds, Security & notes
What are long term assets?
Long term assets are assets that can't be easily converted in to cash like vehicles,equipments and machineries .
What is the business term for assets which can be immediately turned into cash?
liquid assets
How do you classify 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.
How do you classify 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.
What are the Examples of fixed assets?
Fixed assets are long-term, tangible resources, such as property and equipment that are used in a company's operations. These assets are classified as long-term and tangible because they are not intended for resale and are hold value.
Can An intangible asset be reported on a balance sheet?
All assets whether tangible or intangible are reported on balance sheet as current assets or long term or fixed assets like goodwill, patent etc.
Explain - fixed assets?
fixed assets are long term assets which have long term period
Are the 'term loans' current assets or fixed assets?
if loans given for short term period then current assets but if given for long term then non-current assets.
Are investments current assets or other assets?
If investments are for short term then these are current assets but if these are for long term then non-current assets.
What is the term tangible?
a thing that is perceptible by touch.
What are capital assets?
Capital assets, also known as long-term assets or fixed assets, are tangible assets that a company acquires and holds for extended periods to generate income and support its operations. These assets typically have a useful life of more than one year and are not intended for immediate resale. Examples of capital assets include land, buildings, machinery, equipment, vehicles, and furniture. Companies depreciate these assets over time to account for their wear and tear, and they are an essential part of a company's financial health and operational capabilities.
What does the assets section of a classified balance sheet usually include?
Classified balance sheets generally subdivide its major categories into short-term and long-term parts. In a classified balance sheet, the assets section usually includes:Current Assets (or Short-Term Assets)Fixed Assets (or Long-Term Assets)Sometimes, additional sections may be included:Intangible Assets (may be included under current/fixed depending on the nature of the intangibles)"Other" Assets (any other assets that do not fall under the above, such as contingent assets)
What accounts the assts division should contain?
2 main typrs of assets : A- Current Assets B- nonCurrent Assets Current assets include Cash and any other items which can convert to cash within one year , Examples of Current assets are Cash , Acc. Rec. , Inventory , Prepaid Expenses NonCurrent Assets : items can't be easily Converted into Cash & will use for extended period of time B-NonCurrent Assets include 1-Fixed Assets " Tangible Assets " : Land, building , office furniture , vehicle ... 2- Intangible Assets : GoodWill , Patent , Trademark... 3- Long Term Investment : Bonds, Security & notes
What are long term assets?
Long term assets are assets that can't be easily converted in to cash like vehicles,equipments and machineries .
