MANAGEMENT

Detailed explanation-1: -Total Assets = Net Fixed Assets + Current Assets. Therefore, total assets-net fixed assets will be equal to current assets. sales revenue minus cost of goods sold . Gross profit = Sales Revenue-Cost of Goods Sold.

Detailed explanation-2: -No. Net Fixed Assets are the net value of a company’s fixed assets alone and do not include any of its current or non-current assets.

Detailed explanation-3: -No, current assets are not the same as total assets. A current asset is any asset that will provide an economic value for or within one year. Total assets accounts for all current assets, but also for long-term fixed assets, intangible assets, and other non-current assets.

Detailed explanation-4: -Total Assets = Current Assets + Noncurrent Assets The total assets can be found in a financial statement called the balance sheet. In basic accounting, total assets are also equal to total liabilities and total stockholder’s equity.