Is fittings an asset or liability?

Answer 1

Fittings are generally considered an asset, specifically a fixed asset, as they represent physical items that a business uses to generate revenue, such as furniture, fixtures, and equipment. They have value and can contribute to the overall worth of a company. However, if these fittings require significant maintenance or have depreciated in value, they could also represent a financial liability in terms of ongoing costs. Ultimately, their classification depends on the context of the financial statements.