Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks. Characteristics of Assets Assets have three essential characteristics: ? The probable future benefit involves a capacity, singly or in combination with other assets, in the case of profit oriented enterprises, to contribute directly or indirectly to future net cash flows, and, in the case of not-for-profit organizations, to provide services; ? The entity can control access to the benefit; ? The transaction or event giving rise to the entity's right to, or control of, the benefit has already occurred...
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Furthermore, the determination of whether an expenditure represents an asset or an expense can have a material effect on an enterprise’s reported results of operations. As per the Accounting Standard-10, Fixed assets are to be valued at Cost. Now if a person arises question that: “what would be Cost of Assets’, then answer will be Cost includes certain items which are discussed below: Components of Cost: The Cost of an item of Fixed assets comprises its purchase price including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use; any trade discounts and rebates are deducted in arriving at the purchase price...
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Mortgage Loan Pari-Passu is a Latin term and means “Without partiality”. Fixed Rate Mortgage is a mortgage whereby the rate of interest is fixed for a specified period of loan or for the term of the loan itself...	3 / 835
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