Assets Related Posts
Estimated Useful Life of an Asset
Definition and Meaning
The term "estimate" means to evaluate or judge the value of something roughly. When it comes to bookkeeping, there are many things...
What is Net Book Value?
Meaning and Formula
Net Book Value represents the carrying value of an asset that is equal to the value after deducting depreciation, depletion, amortization and/or...
What are Sundry Debtors?
Meaning
Example and Treatment in the Balance Sheet
Type of Account
Journal Entry
Sundry Debtors in Trial Balance
Sundry Debtors and Creditors
Is...
What are Liquid Assets?
Liquid Assets
The term is usually encountered when dealing with assets which are highly liquid in nature. Liquid assets are either cash, cash equivalents or they...
What is Depletion and Obsolescence?
Depletion
It is a systematic reduction in the value of a natural resource as an asset. In accounting, depletion is mainly associated with the extraction...
How To Calculate Scrap Value of an Asset?
Calculate Scrap Value of an Asset -SLM/WDV
The scrap value of an asset may be defined as the maximum value that can be fetched by...
What is Scrap Value of an Asset?
Scrap Value of an Asset - Meaning
Scrap value of an asset may be defined as the estimated price that can be collected by salvaging...
What are Intangible Assets?
Meaning
Assets which don't have a physical existence and can not be touched and felt are called intangible assets. Unlike tangible assets which can be...
What are Tangible Assets?
Meaning of Tangible Assets
Assets that have a physical existence and can be touched and felt are called tangible assets. They consist of both fixed...
What are Fixed Assets?
Fixed Assets - Definition and Meaning
In accounting, fixed assets are assets which cannot be converted into cash immediately. They are primarily tangible assets used...
How to Dispose an Asset Without Using Asset Disposal Account?
Disposal of Fixed Asset Without Asset Disposal Account
When an asset is being sold a new account called “Asset Disposal Account” is created in the...
What is Asset Disposal Account?
Asset Disposal Account
When an asset is being sold, a new account in the name of "Asset Disposal Account" is created in the ledger. This...
What are Non-Performing Assets or NPA?
Non-Performing Assets or NPA
Non-performing assets or NPA are the loans provided by the banks to retail or institutional clients which are no more performing...
What are Assets?
Assets
A thing, person, or quality which is useful or beneficial is termed an asset. In the financial world, assets are things tangible or intangible...
What are Contingent Assets?
Contingent Assets
The word contingent or contingency means “possible, but not certain to occur”. Contingent assets are those assets which may or may not become a...
How to Calculate Depreciation Rate % From Depreciation Amount?
Calculation of Depreciation Rate %
The reduction in value of an asset due to normal usage, wear and tear, new technology or unfavourable market conditions...
What are Current Assets?
Current Assets Definition
Current assets are assets which are held by a business for a short period, mainly a year, or within an accounting cycle...
What is Depreciation and its Types?
Depreciation
Depreciation is a reduction in the value of a tangible fixed asset due to normal usage, wear and tear, new technology, or unfavourable market...
What are Fictitious Assets?
Meaning
Examples
Inside the Balance Sheet
Is Goodwill a Fictitious Asset?
Difference Between Fictitious Assets and Intangible Assets
Quiz
Revision Video
Journal Entry
...