Fixed assets

‘Fixed Asset’ defines that a long-term touchable part of property that a firm possess and uses in the production of its income and is not predictable to be obsessive or transformed into cash any quicker than at least one year’s time. So that is called fixed assets.

Balance Sheet

Balance Sheet: Learning Objectives: Define and explain balance sheet. How is a balance sheet prepared? What are the objectives of preparing a balance sheet? Definition and Explanation: A balance sheet is a statement drawn up at the end of each trading period stating therein