Asset example sentences

When some expenses are incurred and paid by the firm in the process of realisation of assets and payment of liabilities.This is to ascertain the amounts of: (a) subscriptions due but not yet received: (b) incomes received in advance; (c) sale of fixed assets made during the year; (d) items to be capitalised (i.e. taken directly to the Balance Sheet) e.g. legacies, interest on specific fund investment and so on.A fixed charge is created on a specific asset whereas a floating charge is on the general assets of the company.There will, however, be increments in the assets and liabilities on the RBI balance sheet.It may lead to under/over stating of income or assets or liabilities, etc.The chapter 'People as Resource' is an effort to explain population as an asset for the economy rather than a liability.The Bills Receivable Account is the account of an asset and would always have a debit balance.This field is meant to store the string of characters to express the category of account such as Expenses, Revenues, Assets and Liabilities.Thus, if the assets of the firm are not adequate enough to pay off firm s liabilities, the partners have to contribute out of their net private assets (private assets minus private liabilities).This may be reflecting a generally pessimist attitude adopted by the accountants but is an important way of dealing with uncertainty and protecting the interests of creditors against an unwanted distribution of firm's assets.You may regard this stock of surplus rice as an asset which you may wish to consume, or even sell off, for acquiring other commodities at some future date.Decline in the usefulness of the asset may be caused by abnormal factors such as accidents due to fire, earthquake, floods, etc.This is due to the reason that a predetermined percentage is applied to a gradually shrinking balance on the asset account every year.If it is sold at the end of its useful life, the amount realised on account of the sale of asset as scrap should be credited to the asset account and the balance is transferred to profit and loss account.There are instances where a company enters into an arrangement with the vendors from whom it has purchased assets, whereby the latter agrees to accept, the payment in the form of fully paid shares of the company issued to them.