Commercial Applications
Give one difference between fixed assets and current assets.
Accounting
3 Likes
Answer
| Basis | Fixed Assets | Current Assets |
|---|---|---|
| Purpose | These assets are acquired for producing goods and services and used over a long period (more than one year). Examples: Plant and Machinery, Land and Building, Furniture. | These assets are acquired for resale or conversion into cash within a short period (generally one year). Examples: Cash, Debtors, Stock. |
Answered By
2 Likes