Professionals Assistance Reguired

[iu]

Dear all helpers,

Recently I have joined in Finance department and want to excel in this profession. I need your dire help in this regard. Please feedback on as fllows

(Sumaan, I hopefully expect your contribution as well)

1. What is the right defination (clearly understood) of Deffered Cost?

2. Softwares fall under Fixed or Current, if in Current why?

This Forum will help a lot because many are who has to understand many things but do not pin point. Therefore, please use this forum as a gateway to learning for all.

Everybody is invited to ask anything about Accountancy Profession.

Regards,

Ideas Unlimited
Because we all live happy......

"Make this world a livelier place"

[sumaaan]

1. Deferring cost over a time of more than one accounting period over which it is expected to materialize benefits.

2. Softwares falling under the classification of 'Current Assets' may be because they are bought for the intention of resale. One more reason might be that those softwares are bought as 'short term investments'.

Hope that helps.