Poonawalla fincorp
Poonawalla fincorp

What is asset?

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 July 2012 I am a freelance web designer. At the balancesheet I need to declare my assets. My questions are -

1.) What is an asset?

2.) If I bought anything non-related to my profession (like TV or AC) is an asset?

3.) Why should I declare asstes? Is it mandatory?

4.) Which is asset - I bought a computer mouse (and many other small things) and a trademill this year.

5.) Should I declare those things only which I have bills?

Pls help me.

Many thanks

Sourav
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Rajesh Dubey

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Rajesh Dubey (Expert)
10 July 2012 KINDLY REFER ACCOUNTING STANDARD - 10 "ACCOUNTING FOR FIXED ASSETS".

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