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A fixed asset, also known as long-lived assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that may not easily be converted into cash. [1] Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets. In most cases, only tangible assets are ...
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
A fixed asset register (FAR) is a list of fixed assets that belong to an entity. [1] Traditionally the fixed asset register was maintained in written form by a bookkeeper using a book that was set aside specifically for that purpose. Nowadays, it is more often held in electronic format in an accounting system.
A fixed asset, often referred to as a tangible asset or property, plant, and equipment (PP&E), is a long-term asset that holds value over time and can be used to generate income.
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects. [1] A general ledger may be maintained on paper, on a computer, or in the cloud. [2]
That is, the mark-down in value of the asset should be recognised as an expense in the income statement every accounting period throughout the asset's useful life. [1] The useful life of the asset is determined by taking into account expected usage, physical wear and tear, technical or commercial obsolescence arising from changes in production ...
Discover how the fixed asset turnover ratio reveals a company’s efficiency in generating revenue from fixed-asset investments.
Fixed assets can provide a safe haven for cash during a recession, like the kind that many analysts expect to arrive later this year or in early 2024. They can be tangible, like land or machinery ...