Answer / ameer muhammed

Fixed Asset
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 any sooner than at least one year's time.


Current Assets
1. A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business. Current assets include cash, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash.

2. In personal finance, current assets are all assets that a person can readily convert to cash to pay outstanding debts and cover liabilities without having to sell fixed assets.
In the United Kingdom, current assets are also known as "current accounts".

Answer / bbn varma

all the ans are same there is no difference .Try to post some new.

Answer / dinesh

Current assets are which we are BANK, CASH IN HAND, SECURITY DEPOIST, sundry debitors
FIxed assets are which are land , buildings , machines , computers e

Answer / vijayamanoharan-devakottai

The basic difference between current assets and fixed
assets is given below:

Current assets are flexible in nature, easy to convert in
money for company on the other hand Fixed assets are those
assets which are Fixed in nature, not easy to convert in
money for company.

Classification:

Current assets:

Cash in hand and at bank
Stock in hand
Sundry Debtors
Loans & Advances

Fixed Assets:

Land and Building
Furniture and Fittings
Tools and tackles
Plant and Machinery
Computers & Laptops
Printers etc.

Answer / mohd fahim sidiqi

Asset is the property (land, machinery, cash & materials)
Current asset is the something easily convertible into cash, don't have depreciation and it is used for business operation in short terms
Like, Inventory (materials or instruments in the store)cash in hand, bank balance etc.

Fixed asset is the property which is support business operation in long terms and is not easily convertible to cash, its value is decreasing by depreciation as they are used.
usually in big companies the depreciation is recorded at the end of fiscal year.
Fixed assets are land, building, machinery, computers, furniture etc.

Thank you
Fahim

Answer / tpai

Current asset can be seen as an assets that can be
easily converted to cash nomally used for our day to day
transaction . it can be classifed as cash at bank stocks
etc while fixed asset can be seen as an asset that is
mainly used for long term financing which can not be easily
converted to cash for example land furntures and fitting etc

Answer / inyene favour

current assests are flexible and a slight or no fall in
value. that is current assets are easily converted into cach
without a significant fall in value and very vital in any
financial operation e.g cash at hand,cash at bank,bonds
andother bills.
while on the other hand,fixed assets are inflexible meaning
are not easily converted for cash and usually serve as long
term assets that is have a long live spand. e.g
machinaries,structures etc.
they are both simmilar in that they are needed for the day
to day runiing oof the buz.

and their differencies is that current assats are more
liquid than fixed assets.

Answer / hayat khan

fixed assets are long duration assets which cannot be
easily converted to cash where as current assets are
short duration assets that ar flexible in nature which
means they can be easily converted to cash.

Answer / akiem vanvield

WHY ALL THESE ANSWER IF SOME ARE WRONG ?

State with reason which account should be debited and which account should be credited in each of the following transactions: 1. Raj commenced business with cash Rs. 5000 2. Bought goods from Kiran for cash Rs. 1000 3. Sold furniture to Ravi on credit Rs. 500 4. Sold goods for cash Rs. 800 5. cash purchases Rs. 600 6. Bought Stamps Rs. 10 7. Withdrew cash from the business for personal use Rs. 1000 8. Paid salary to manager Rs. 500 9. Paid rent to landlord Rs. 200 10. Received commission from Mani Rs. 50 11. Paid for repairing machinery Rs. 30 12. Received cash form Ravi on account Rs. 400 13. Gave loan to Babu Rs. 500 14. Purchased goods from Sachin Rs. 400 15. Opened a bank account with Rs. 1000 16. Charged Mohan Rs. 50 commission for service rendered to him 17. Santosh paid the interest on loan advanced to him 18. Received loan from Manju Rs.10000 19. Office furniture stolen Rs. 500 20. Paid income tax Rs. 5000 21. Paid life insurance premium Rs. 300 22. Allowed discount to Babu Rs. 90 23. Discount received from Santosh Rs. 150 24. Amount charged by bank as bank charges Rs. 30 25. Railway fright paid on machinery purchased Rs. 100

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