In financial accounting, an asset is money and other valuables belonging to an individual or business.

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An asset is anything tangible or intangible that can be owned or controlled to produce value and that has positive economic value

Assets represent ownership that can be converted into cash. Cash itself is also considered an asset.

The balance sheet of a firm shows the monetary value of the assets owned by the firm.

There are two types of assets:

  • Tangible assets:
        Fixed assets such as buildings, equipment etc.
        Current assets like inventory
  •  Intangible assets:
         Goodwill, patents, trademarks, copyright, computer programs

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