Fixed Assets

How may Church Fixed Assets be categorized/classifeid on the Balance Sheet. They comprise of:

Land & Buildings
Automobiles
Furniture & Fixtures
Eqipment
Altar vessels
Lectern
Vestments,
etc etc

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Aug 27, 2014

Classifying Fixed Assets
by: Lewis in NC

Fixed assets could be classified as "Long-term Assets" vs. "Current Assets". Currents Assets are those which can be converted to cash within a year (approx.); Long-term Assets would take longer than a year to convert to cash. Hope this helps you.

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