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What is the Difference between Current Assets and Fixed
Assets and how would you classified it
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Answer Posted / 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
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