To provide conceptual scaffolding for people.
c. increased assets and increased liabilities
increase assets because the entity by goods which these good can be owned by the company, and increased in liabilities because they buy these goods through credit.
In accounting, fixed assets are classified as a non-current asset as it is not wasily convertible to cash or its value is not usable or consumable within just a year or within the normal operating cycle of a business.
To know more about assets, just continue reading.Assets
In accounting, assets are the resources that a company owns and has monetary value.Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash -on- of non-current asset:LandEquipment/MachinesIntangible assets