Question

what do you mean by assets ? explain it types​

Answer 1

Answer:

Examples of assets include:

Cash and cash equivalents

Accounts Receivable

Inventory

Investments

PPE (Property, Plant, and Equipment)

Vehicles

Furniture

Patents (intangible asset)

Properties of an Asset

There are three key properties of an asset:

Ownership: Assets represent ownership that can be eventually turned into cash and cash equivalents

Economic Value: Assets have economic value and can be exchanged or sold

Resource: Assets are resources that can be used to generate future economic benefits

Classification of Assets

Assets are generally classified in three ways:

Convertibility: Classifying assets based on how easy it is to convert them into cash.

Physical Existence: Classifying assets based on their physical existence (in other words, tangible vs. intangible assets).

Usage: Classifying assets based on their business operation usage/purpose.