Fixed Assets — Grade 12 Accounting Notes

Fixed Assets

Introduction to Fixed Assets

Fixed Assets in Accounting Every business needs resources to operate, and some of the most valuable resources are fixed assets. These are long-term, physical assets that a business owns and uses over…

Asset Register

The Asset Register A business that owns multiple fixed assets needs a reliable way to track each asset, its cost, depreciation, and current value. The asset register serves as a detailed record of…

Residual value/called scrap value of R1

Residual Value and Scrap Value of R1 When a business purchases a fixed asset, it does not use that asset forever. Eventually the asset reaches the end of its useful life and must be disposed of. The…

Note to the Balance Sheet and Asset disposal

Note to the Balance Sheet and Asset Disposal The Tangible Assets Note (also called the Fixed Asset Note or Note to the Balance Sheet) is a key disclosure that shows the breakdown of all…