Definition If fixed assets are purchased to generate business income, it was extended useful life and cannot be readily converted into cash shortly, so will be considered a fixed asset.
There are 2 types of fixed assets which are tangible and intangible.
Examples of tangible fixed assets include::
Additionally, Intangible assets such as patents, copyrights, and trademarks are also categorized as fixed assets.
When purchasing Land / Building, it is essential to provide the following documents:
And the purchase vehicle document needed:
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