JAMB - Accounts Principles Of Accounts (2009 - No. 8)
Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?
i, ii and v
i, ii and iv
i, ii and iii
iii, iv and v
Explanation
Fixed assets are assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, furniture and equipment. From the question above they include; i, ii & iii
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