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As per the accounting what do you mean by Fixed Assets?
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Answer / gravi
A long-term tangible piece of property that a firm owns and
uses in the production of its income and is not expected to
be consumed or converted into cash in the current or
upcoming fiscal year.Fixed assets are sometimes
collectively referred to as "plant". Buildings, real
estate, equipment and furniture are good examples of fixed
assets. Generally, intangible long-term assets such as
trademarks and patents are not categorized as fixed assets
but specifically referred to as "fixed intangible assets".
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Why Copyrights,patents,goodwill etc.etc. falls under real account and not nominal or personal account? I know anything which affect trading & Profit & Loss accounts are nominal accounts.And the above do not affect the Trading or P/L accounts but on the other hand they are intangible and neither can they fall under real accounts as Real accounts are those that are not personal and they are tangible. Again in another way if we see, Patents, Copyright ,Goodwill etc. etc. kindoff acts as a representative of a person or a company like in the same way as a Bank or Company name,so they can they not fall under Personal Account??
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