"There are two parts;1. Explain the meaning of the terms ""fixed assets"" and ""current assets"", illustrating your explanation with suitable examples (about 200 words).;2. Describe how the two types of assets are valued for balance sheet purposes, using the following assets owned by a company that writes and sells software packages (about 500 words);a. The company has a stock of 500 user manuals for version 1 of a package-version 2 of which is to appear shortly. The company paid $5,000 to have 1,000 manuals printed and has been selling them at $25 per copy.;b. The company has a file server costing $15,000 that is used by the software development teams."
Accounting:Balance sheet valuation (Fixed and Current assets
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