Fixed Asset Accounting

A fixed asset is a long-term tangible property that a company owns and uses in its operations to generate income. Fixed assets are on the asset side of the balance sheet and appear as property, plant, and equipment. Assets are divided into current assets(CA) and noncurrent assets(NCA). Current assets are the assets that will be converted into cash in less than a year. Noncurrent assets are the assets and property owned by a business that are not easily converted to cash. A fixed asset is bought for production/supply of goods or services, for rental to third parties, or for use.

A company’s balance sheet statement comprises assets, liabilities, and shareholders’ equity. 

What is a fixed asset accounting?

Fixed asset accounting deals with accounting and recording of fixed assets and its depreciation as per the Accounting Standards. For this reason, companies need details on a fixed asset’s procurement, depreciation, audits, disposal, and more.

Taxolawgy will help your business with the management of its assets more efficiently with our quality services.

Our expert will keep a complete audit of all your fixed asset data. All the data provided by our clients will be confidential, privacy and security measures will be taken by our team.

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