Question
Fixed assets and current assets are categorized as per
concept of:Solution
The classification of assets into: • Fixed assets (used for long-term, not meant for sale) • Current assets (cash or expected to be converted into cash within a year) is based on the Going Concern Concept. Going Concern Concept assumes that the business will continue operating for the foreseeable future. Because of this assumption: • Assets are classified based on how long they will be used. • Fixed assets are shown at cost (less depreciation), not liquidation value. • Current assets are expected to be realized in the normal course of business. Other options: • Separate Entity → business is separate from owner. • Consistency → use same methods year to year. • Money Measurement → record only monetary items.
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