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By Ranjit B Naik

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Fixed assets Fixed assets, or property, plant and equipment (PPE), comprise those physical assets that form a company’s operational infrastructure. Generally speaking, fixed assets will be held for at least several accounting periods, and they are expected to facilitate the generation of profits over those periods. An industrial corporate’s fixed assets would typically include the following categories of assets. Land and buildings This item represents the land and buildings that the company uses for its offices, factories, warehouses and so on.

Such detail would be far too sensitive for the company to risk publishing. For our purposes here it would aid understanding if we itemise a sample of expenses that would typically be classified as overhead expenses. The categories below are illustrative of a typical breakdown. Selling expenses A company needs to sell its products and services in order to survive and prosper. To increase sales, a company may employ salespeople to market its products. It pays salaries and commissions to its sales force and incurs other expenses to enable its salespeople to do their jobs effectively.

The approach adopted in this chapter is to examine and explain the structure and contents of financial statements that might have been prepared for internal management purposes. The object of the exercise is to ensure that the reader obtains a sound understanding of each of the financial statements and how they are interrelated. Typical industrial corporates Industrial corporates manufacture products or provide services. Many industrial corporates operate in capital-intensive industries – those characterised by huge investment in plant and machinery.

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