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As per the accounting what do you mean by Fixed Assets?
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Answer Posted / h.r. sreepada bhagi
Fixed Assets (Also called Capital Assets or equipments)
refer to tangible assets, the life of which is beyond one
Financial year. These assets can generally used for several
years and benefit is derived in successive accounting years
during their life time. Cost of fixed assets is charged to
Profit & Loss Account every year in the name of depreciation
at the rate/rates prescribed in the law of the country where
it's accounted or where the business is situated.
For more information read any Accountancy Book.
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