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Principle Of Accounts

Principle of accounts

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Title: Principle of accounts

Essay Details:

Subject: Business

Author: Bobby S

Date: August 29, 2014

Level: University

Grade: A

Length: 59 / 17536

Essay text:

Assets are classified into: (a) Fixed assets: Fixed assets are assets kept in the business for a few years at least. Examples: land, premises, furniture, fixtures, buildings fittings, plants, machineries, motor cars, motor vehicles, motor lorries, goodwill, mines, queries, oil wells etc? (b) Current assets: The assets which change its form from day to day are known as current assets. These are also known as circulating assets. Examples: cash in hand, cash at bank, stock of goods, debtors, amounts prepaid, income accrued etc. (2) Liabilities: The amounts of money a business must pay to its outsiders are known as liabilities...

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