Question

Which categories of Fixed Asset are covered under Accounting Standard 10

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Answer 1

Answer:

In many enterprises these assets are grouped into various categories, such as land, buildings, plant and machinery, vehicles, furniture and fittings, goodwill, patents, trade marks and designs. This standard deals with accounting for such fixed assets except as described in paragraphs 2 to 5 below.

Explanation:

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Answer 2

Answer:

Fixed assets are grouped into different categories such as land, building, furniture and fittings, patents etc. AS-10 deals with the accounting of such items in the financial statements with a few exceptions. Depreciation accounting is not dealt with under this standard but under Accounting Standard-6

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