NAME :- OMKAR GUNGA PATIL

DIV : - A
STD :- FYBAF
ROLL NO : - 212637

FIXED ASSETS
 WHAT IS FIXED ASSETS

Fixed assets refer to long-term tangible

assets that are used in the operations of
a business. They provide long-term
financial benefits, have a useful life of
more than one year, and are classified as
property, plant, and equipment (PP&E)
on the balance sheet
 LIST OF FIXED ASSETS

Vehicles
 such as company trucks.
Office furniture.

Machinery.

Buildings.

Land.

 PAYMENT TO CREDITORS

Payment to creditors may be examined by the following −

Receipt issued by the creditors.
If the creditor is paid amount as full and final settlement, the
balance amount, if any stands in the ledger account of the
creditor; this amount should be credited to discount received.
If any advance payment is made to creditor that should be
clearly mention.
Statement of account of creditor.
 DEFINITION OF
VERIFIATION

To verify something is to make sure

it's correct or true, so verification is
an action that establishes the truth
of something. Checking an ID is a
verification of your age.
OBJECTIVE OF VERIFICATION OF ASSETS

 Verification of Assets is a process of substantiating existence of

assets with reference not only to relevant documentary
evidence but it also includes forming an expert opinion on
different aspects (such as existence, ownership, possession,
etc.) of an asset Thus, verification is wider in scope and
vouching is followed by verification.
Object: The object of verification is to satisfy the auditor as to
existence, ownership, possession (in case of assets) or
completeness (in case of liabilities), valuation and disclosure of
items mentioned in the balance sheet.
 OBJECTIVES OF VERIFICATION
OF LIABILITIES
The main objective of verifying liabilities
is to ensure that all the liabilities are
properly disclosed, valued, classified and
presented in the Balance Sheet.
 MEANING OF
DEFERRED REVENUE
EXPENDITURE
This term refers to money spent during
one accounting period with the intention
of creating revenue in a future accounting
period. You pay the initial expense upfront
to see benefits earned in the future. 
THANK YOU