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Definition: What is it?

Assets are items of value that are owned by the business. They are shown as Balance Sheet accounts. There are different type of assets - fixed, current, intangible. Examples of assets include furniture. computer equipment, bank accounts and goodwill.

Fixed Assets are assets that are generally not going to be converted to cash within a year so examples would be plant equipment or vehicles.

Fixed Assets are depreciated which means that a portion of the cost of the asset is written off over time. Depreciation is usually done annually but can be done more frequently. Depreciation is also listed as part of the expenses on the Profit and Loss or Income Statement.

NOTE: Each country or region will have their own depreciation methods. Some of the more common ones are Straight Line, Diminishing Value. OFBiz demo data includes depreciation methods for Straight Line and Double Declining Balance.

What is it used for?

TO DO:

What's on the screen?

TO DO: