India regarding asset inventory

[moideen kutty]

What is the difference between inventory number and fixed asset identification number?

Who is resposible for creating fixed asset identification number?

Are all these come under procurement department?

Please give clarification.

 

[LloydKade]

Most companies have a mix of fixed assets and inventory. Although both act as assets, each gets treated differently on a companies financial statements. Different generally accepted accounting principles govern the disposition and tax treatment of these assets. For small businesses seeking funding, potential lenders and banks scrutinize fixed assets very closely.