Explaining the Functionality of Asset Classes

The interactivity below will introduce you to the story of the course:

For Kevin’s understanding Lisette has prepared a graphic that illustrates the basic financial accounting lifecycle of a fixed asset.

On most business days, assets are being purchased by the Bike Company. Kevin’s task is to enter the asset master data in the system in a structured way. Today, the Bike Company has put the 3D printer, which is used to print bicycle parts, into operation. The printer can be used for rapid prototyping of smaller parts such as a cable guide, as well as bigger parts, such as a chain guard.

To learn about the role of the asset class, Lisette has prepared an overview for Kevin.

To get even more insights into the asset classes, especially their relation to accounting, check the dialogue below.

Kevin sees that before he creates the asset master record, he needs to consider how the asset fits into the fixed asset structure. He summarizes his key takeaways on asset classes below.