Fixed Assets Register
A fixed asset register (FAR) is an accounting method used for major resources of a business.
Fixed assets are those such as land, machines, office equipments, buildings, patents, trademarks, copyrights, etc. held for the purpose of production of goods or rendering of services and are not held for the purpose of sale in the ordinary course of business.
Fixed assets constitute a major chunk of the total assets in the case of all manufacturing entities. Even in the case of service entities such as hotels, banks, financial institutions, insurers, mobile / telephone service providers etc. it has become imperative to invest heavily in furnishing, equipment, and technology to attract, and retain customers.
Just as it is important for a person investing on the NASDAQ to know those investments, so it is important for a business entity to have a list of its fixed assets. A fixed asset register is that list of assets.
Read more about Fixed Assets Register: Objectives in Maintaining A Fixed Asset Register (FAR), Making Entries in The FAR, The Format of FAR Entries, Identification of A Fixed Asset
Famous quotes containing the words fixed and/or register:
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