BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Current assets are short-term assets that are typically used up in less than one year. Current assets are used in the day-to-day operations of a business to keep it running. Fixed assets are long-term, physical assets, such as property, plant, and equipment (PP&E). Fixed assets have a useful life of more than one year.

Detailed explanation-2: -If assets are classified based on their convertibility into cash, assets are classified as either current assets or fixed assets. An alternative expression of this concept is short-term vs. long-term assets.

Detailed explanation-3: -Assets may be classified as fixed and current account depending on the nature. Assets which are having a longer useful life and gives the benefits to the business in coming years too are considered as fixed assets.

Detailed explanation-4: -Fixed assets: These are tangible assets, such as buildings, equipment, furniture, vehicles and land. Intangible assets: These are non-physical assets, such as goodwill, copyrights, patents and trademarks. Investments: These are assets, such as stocks, bonds and mutual funds, which are used to generate income.

Detailed explanation-5: -Current assets are the assets that a business owns and expects to use or turn into cash within a year while fixed assets are resources for long term use. Both current and fixed assets are reported on the balance sheet with fixed assets often listed as property, plant and equipment (PPE).