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Question
Which of the following is not a fixed asset?
Which of the following is not a fixed asset?
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Solution
The correct option is B Bank Balance
Bank balance is an amount which is lying in firm's bank account. It is as good as cash balance. Bank balance is part of current assets.
Fixed Assets are long term tangible assets which consists of land, building, machinery etc.
Current assets are short term assets which can be converted in to cash on need basis. Current assets may consist of inventory, debtors, bills receivables, cash on hand, bank balance etc.
Bank balance is an amount which is lying in firm's bank account. It is as good as cash balance. Bank balance is part of current assets.
Fixed Assets are long term tangible assets which consists of land, building, machinery etc.
Current assets are short term assets which can be converted in to cash on need basis. Current assets may consist of inventory, debtors, bills receivables, cash on hand, bank balance etc.
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