Question:
Is rent a fixed asset?
See Also
How Do You Read a Balance Sheet?10 Assets better than Cash (Investment Tip for Young Investors) – WorkDefineWhat Are Assets? - ExperianCurrent Assets: Definition, Examples, and FormulaAssets and liabilities
An asset is anything owned by the company to provide economic value for the business. It can be either tangible or intangible. For example, machinery, goodwill.
A liability is anything which a company is obliged to pay to other company or persons for any past transactions. It can be either long term or short term. For example, creditors, bank overdraft, loans.
Answer and Explanation:
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In simple words, assets are classified into two types:
- Fixed asset-Those resources that are meant to be used by a firm for over a long period and not...
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