meaning of Assets and its types.
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An asset is a resource or property having a monetary/economic value possessed by an individual or entity, which is capable to generate some future economic benefit. Assets are generally brought in business to benefit from them and to increase the value of a business. In simple language, it means anything that a person “owns” say a house or equipment. In the accounting context, an asset is a resource that can generate cash flows. The assets are recorded on the balance sheet. They are found on the right-hand side of the balance sheet and can also be referred to as “Application of Funds”. The assets include furniture, machinery, accounts receivable, cash, investments, etc. We shall discuss various Types of Assets in this article.
Assets are classified into different types based on their convertibility to cash; use in business or basis their physical existence. Assets are a part of the balance sheet and are stated at historical cost less depreciation deducted so far or at cost or at cost or market value, whichever is lower.
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