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hi all what is exactly fixed assets

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(Querist)
09 October 2007 in one of our clint sell the
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S.RAVICHANDRAN

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S.RAVICHANDRAN (Expert)
09 October 2007 A Fixed Asset is generally an asset whose life will be definitely beyond one year from the date of purchase of that asset.

So, it means indirectly that, assets whose life is below one year cannot be a fixed asset.

It is only accounting definition.
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CMA Gul S

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CMA Gul S (Expert)
10 October 2007 Fixed Asset can also be defined as

An Item that will give benefits for more than one year and has a wear and tear over a period of time and are depreciated

Except Intangible Assets and Land % Building
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