What is an Asset? In this article I will aim to break down the various definitions and meanings of the word “asset”. I hope by the end you wil be able to walk way with adequate knowledge about assets
What is an Asset? Definitions
In simple terms an asset is a useful, important or valuable thing or person.
Other definitons of an asset depend on the context, subject or particular field of interest. These are mentioned below.
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything that can be used to produce positive economic value.Wikipedia
an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.https://www.investopedia.com/terms/a/asset.asp
An asset is anything of value or a resource of value that can be converted into cash.https://www.investopedia.com/ask/answers/12/what-is-an-asset.asp
An asset is anything that has current or future economic value to a business.https://www.netsuite.com/portal/resource/articles/accounting/asset.shtml
n asset is any resource or good used to generate cash flow, reduce expenses, or provide future economic benefits for an individualhttps://www.masterclass.com/articles/what-is-an-asset
Types of Assets
In accunting these are short-term economic resources that are expected to be converted into cash or consumed within one year. Examples include cash, inventory
These are fixed assets or long term assets. They are expected to last over a year. Examples include plants, equipment, and buildings
These are assets that are items of present or future value owned by an individual or household. Examples include cash, goods, machinery, business
Tangible assets are real property or physical property like inventory, real estate, machinery, cash, or furniture
Intangible assets are items or goods that exist theoretically rather than physically. Examples include patents, trademarks and intellectual property
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