Question

What is the definition of assets as per general accounting norms?

Answer 1

Answer:

In financial accounting, an asset is any resource owned by the business. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm.

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Answer 2

Answer:

the financial accounting, reliability is defined as the future sacrifices of economic benefits that is entity is public to make to other entities as a result of past transactions or other past events.

the financial accounting, asset is any resource owned by the business. anything tangible or intangible that can be owned are controlled to produce value and that is held by a company to produce positive economic value is an asset