Question

What is assets in simple words with examples?

Answer 1

Hi friend,

As you mentioned that you want simple answer so, i can give you the simple answer...


Assets :- Assets in accounting , is a payment , which a company or frim enjoys in future. Assets are recorded on the company's balance sheet. For example :- cash in hand, cash at bank , good will ( intangable asset ) , prepaid expenses , trademarks etc..i hope it helps you in simple way


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Answer 2

An asset is anything of value that can be converted into cash. Assets are owned by individuals, businesses and governments. Investments – annuities, bonds, cash value of life insurance policies, mutual funds, pensions, retirement plans, stocks and other investments.

Common asset categories include cash and cash equivalents; accounts receivable; inventory; prepaid expenses; and property and equipment. Although physical assets commonly come to mind when one thinks of assets, not all assets are tangible. Trademarks and patents are examples of intangible assets.