Take Class 12 Tuition from the Best Tutors
Affordable fees 1-1 or Group class Flexible Timings Verified Tutors Search in
Asked by Vishal Last Modified
Answer 
as per as 10 fixed asset is an asset which is beingh kept in the business for the purpose producing goods or rendering services i e that asset is not being held for the purpose of sale in the normal course of business.
There are lot of examples for fixed asset as land, Building, Plant and machinery , computers, furniture, vehicles etc.
read less
Fixed Assets are those assets which can be used for more than 1 year and these are subjected to depreciation (decrease in the value of assets) due to change in technology and passage of time. These assets are capital Assets as the amount spent on purchase of these assets are called investment because the use of fixed assets provide us profit .
The examples are: office furniture , Machinery and equipments, building, plants
read less
Simply put, any asset which will give benefit beyong one financial year is classified as fixed asset. It is a long term asset and provides utility over longer period of time ( more than one year). examples are land, building, machinery, furniture etc. The condition being that these are not stock in trade. For a furniture showroom, the furniture for sale is stock while the desk used by the manager is fixed asset. Also concept of materiality, sometimes, can classify an asset as revenue expenditure. E.g. a trash can bought for Rs.200 may be accounted for as expense rather than as fixed asset.
read less
First of all, let us understand the meaning of an asset. An asset is something from which one derives the benefit. There are two types of assets. They are Current assets and Fixed assets. Current assets are assets that are expected to be converted into cash within one year. However, Fixed assets are those assets from the which the benefits can be derived from more than 1year. In simple, Fixed assets are those assets which can be used for more than 1 year. Since Fixed assets are held for more than 1 year, it loses its value due to the passage of time / obsolescence etc. It is termed as depreciation. Examples for fixed assets: Buildings, Furniture, Computers etc
read lessView 3 more Answers
Related Questions
I have registered as a home tutor but i am not getting any messages.
What is the difference between Bad debts and bad & doubtful debts. What are the legal compliances for the provisions for doubtful debts and bad debts recovered after being written off.
Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com
Ask a QuestionRelated Lessons
Recommended Articles
Meet Urmila, an MBBS tutor from Bangalore
Urmila is a passionate teacher with over 8 years of experience in teaching. She is currently pursuing her Ph. D. She provides classes for Class 11, Class 12, MBBS and Medical tuition. Urmila began her career in teaching long before she became a teacher. She used to provide classes for foreign national students in her college...
Read full article >
Meet Raghunandan.G.H, a B. Tech Tutor from...
Raghunandan is a passionate teacher with a decade of teaching experience. Being a skilled trainer with extensive knowledge, he provides high-quality BTech, Class 10 and Class 12 tuition classes. His methods of teaching with real-time examples makes difficult topics simple to understand. He explains every concept in-detail...
Read full article >
Meet Swati, a Hindi Tutor from Bangalore
Swati is a renowned Hindi tutor with 7 years of experience in teaching. She conducts classes for various students ranging from class 6- class 12 and also BA students. Having pursued her education at Madras University where she did her Masters in Hindi, Swati knows her way around students. She believes that each student...
Read full article >
Meet Sandhya R, a B.Sc tutor from Bangalore
Sandhya is a proactive educationalist. She conducts classes for CBSE, PUC, ICSE, I.B. and IGCSE. Having a 6-year experience in teaching, she connects with her students and provides tutoring as per their understanding. She mentors her students personally and strives them to achieve their goals with ease. Being an enthusiastic...
Read full article >
Looking for Class 12 Tuition ?
Learn from the Best Tutors on UrbanPro
Are you a Tutor or Training Institute?
Join UrbanPro Today to find students near youThe best tutors for Class 12 Tuition Classes are on UrbanPro
The best Tutors for Class 12 Tuition Classes are on UrbanPro
36
