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Treatment of Other Assets
07-15-2006, 08:24 PM,
#1
Treatment of Other Assets
Asasalamoalikum,

my dear respected brothers, i need information about "other assets". if in question of "financial ratios", other assets are given then what is its treatment? they are deffered assets or we can assume other assets as "current assets".

if in answer sheet note is given of assumption that other assets are assumed as current assets, then is it correct? i have added "other assets" with current assets and i also gave an assumption of this. will my be correct?

i know most of brothers are accounting specialist, and you can help me in this regard.

thanking you in anticipation,
with best regards
khyber
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07-15-2006, 08:30 PM,
#2
 
other assets may be fixed or current tangible or intangible assest. in any situation, it depends upon the operations or the nature of the organization or what kind/nature of assets they actually have...???
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07-16-2006, 05:49 AM,
#3
 
In examination situtation if you do not have enough information in the question if the other asset is current, non current you can make assumptions clearly stating that the nature is concerned as so and so.
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07-16-2006, 07:17 AM,
#4
 
These types of classification are not normally used in accounts practically. u may see classifications like other stocks, other infrastructure etc., but other assets is too vague to be part of accounts practically speaking.
It also doesnt given any indication of a current or non-current asset. But while attempting ur paper u shud read the question very carfully. The word "other assets" may be used with reference to a particular scenario.
for example if the question is regarding the current ration and u r given other assets it may give u an indication that it is current asset..
There is nothing wrong with giving assumption, but u shud make sure that there was no indication of current or non-current nature of the other assets in the question..
anyways best of luck
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07-19-2006, 05:49 PM,
#5
 
wow. i am greatly Relieved. i was so tensed for what i did. but your precious knowledgeable replies gave me great deal of satisfaction.

Thanks to all brothers, Adnan, Pracs, and Rehman.
May ALLAH (swt) give all of you great rewards.

with warmest regards,
khyber
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