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Is livestock PART OF fixed assetS?
Yes livestock are fixed assets
Where do you place goodwill in a balance sheet?
On the Asset side after Current Assets & Fixed Assets. It forms part of OTHER NON - CURRENT ASSETS as,Intangible Assets (patents, good will, preliminary Expenses, bad / doubtful debts not provided for, etc.
Is warranty is part of fixed assets?
No, a warranty is not considered a fixed asset. Fixed assets are long-term tangible assets, such as property, plant, and equipment, used in the production of goods or services. A warranty, on the other hand, is a guarantee provided by a seller or manufacturer regarding the condition and longevity of a product, and it is typically classified as a liability or a contingent liability rather than an asset.
What is the difference between tangible assets and intangible assets?
We can feel tangible asset,where as we cannot feel intangible asset
What are the reasons for providing depreciation?
Main reason for prodiving depreciation is to allocate the part of cost of fixed assets to specific fiscal year to income statement as expense in which year fixed asset is used to generate revenue for business.
Is livestock PART OF fixed assetS?
Yes livestock are fixed assets
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.
What is depreciation of fixed assets?
Depreciation is the method of allocation of part of cost to all fiscal years to which fixed asset is used for revenue generation to income statement
How do you verify fixed assets?
Fixed Assets are verified as a part of a complete audit which is advisable to do on a yearly basis. A full inventory not only of product but also of fixtures must be done as a part of this process.
Does purchasing a fixed assets fall into a operating activity?
Purchasing of fixed asset is not a part of operating activity instead of that it is part of cash flows from financing activities in cash flow statement.
Where do you place goodwill in a balance sheet?
On the Asset side after Current Assets & Fixed Assets. It forms part of OTHER NON - CURRENT ASSETS as,Intangible Assets (patents, good will, preliminary Expenses, bad / doubtful debts not provided for, etc.
Is warranty is part of fixed assets?
No, a warranty is not considered a fixed asset. Fixed assets are long-term tangible assets, such as property, plant, and equipment, used in the production of goods or services. A warranty, on the other hand, is a guarantee provided by a seller or manufacturer regarding the condition and longevity of a product, and it is typically classified as a liability or a contingent liability rather than an asset.
Is depreciation on an income statement?
Yes depreciation is part of income statement which is used to allocate the portion of cost of fixed assets to fiscal year in which that fixed asset is used.
What is the difference between tangible assets and intangible assets?
We can feel tangible asset,where as we cannot feel intangible asset
What are the reasons for providing depreciation?
Main reason for prodiving depreciation is to allocate the part of cost of fixed assets to specific fiscal year to income statement as expense in which year fixed asset is used to generate revenue for business.
Do you include land in the income statement?
Land is an asset and fixed or long term asset of business and all assets and liabilities are part of balance sheet and not part of income statement so land is shown under long term assets in balance sheet.
Is a bin a fixed asset?
A bin can be considered a fixed asset if it is used in a business for an extended period and is not intended for resale. Fixed assets are long-term tangible assets that a company uses in its operations to generate revenue. However, if the bin is part of inventory or intended for short-term use, it may not qualify as a fixed asset. Ultimately, the classification depends on its purpose and duration of use in the business.
