Fixed Assets Question:
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What are fixed asset?


Answer #1
fixed asset are assest which gives the business future benfife

Fixed assets are those which are tangiable in nature and is not meant for sale in the near future and from which future benefits are derived.

Fixed Assets are those which are tangible and used for running the day to day business which are owned. As they are utilised for business, we save a part of the profit earned in the business to replace these Assets when they worn out.

Answer #2
fixed assets are the assets which are purchased for not for the purpose resale.
fixed assets are used in business for long period in business to earn revenue
Fixed assets are 2 types
Tangible Assets: which have physical appearance example plant and machinery, furniture, computer etc.
Intangible Assets: which does not have physical appearance example: Goodwill, patents, copyrights etc.

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