What is asset?
This query is : Resolved
Querist : Anonymous
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
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
10 July 2012
KINDLY REFER ACCOUNTING STANDARD - 10 "ACCOUNTING FOR FIXED ASSETS".
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