Question

Does books purchased is considered as fixed assest (or) not?
What is the nature of petty income in accountancy?

Answer 1

Answer:

Because of ongoing depreciation, the net book value of an asset is always declining. However, it is possible under international financial reporting standards to revalue a fixed asset, so that its net book value can increase. A fixed asset does not actually have to be "fixed," in that it cannot be moved.

Answer 2

Purchase of books is not a fixed asset.

Petty income refers to the small amount or coins in the accounting.

It is mostly used for current assets like transportation expenses, wages,etc.