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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 ...
Fixed assets management is an accounting process that seeks to track fixed assets for the purposes of financial accounting, preventive maintenance, and theft deterrence. Organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets.
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.
A clearing account is usually a temporary account containing costs or amounts that are to be transferred to another account. An example is the income summary account containing revenue and expense amounts to be transferred to retained earnings at the close of a fiscal period. [1] Other example of clearing account is excise clearing account.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
Fixed asset turnover is a ratio that compares a company’s net sales to the net book value of its fixed assets, which accounts for accumulated depreciation. It highlights how efficiently a ...
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.
While fixed assets -- tangible assets that companies own for more than a year -- are most commonly associated with businesses, individuals sometimes add them to their portfolios as well. More: 8 ...