Accounting for Fixed Assets

What is Accounting for Fixed Assets

A main distinction is performed in accounting between those current assets and fixed assets.

The current assets are those which form a part of the circulating capital of a business. The current assets are replaced frequently and converted into cash during the course of trading. The most common current assets are trade debtors, stocks, and cash.

The compare current assets with fixed assets and a fixed asset is asset of a business intended for continuing use, rather than short-term, temporary asset like as stocks.

The fixed assets may be classified in a company balance sheet as tangible, intangible, or investments. For examples of intangible assets include patents, goodwill, and trademarks. And more examples of tangible fixed assets involves land & buildings, plant or machinery, fixtures & fittings, motor vehicles or IT equipment.

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