which of the following is treated is an asset
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Assets and their Treatment.
Assets are the products that help in maintaining the operation of the business. In financial accounting, assets are the tools or resources that provide economic value and help in the enhancement of the business operations, they may be owned or controlled by the firm. The accounting treatment of all assets is in consideration with real accounts which means to increase the value they are debited and to decrease they are to be credited. Assets can be of multiple types:
- Fixed Assets: Land, Machinery, Plant, Equipment, Vehicle, and Computer Equipment are some examples of Fixed Assets.
- Tangible Assets: Patents, Copyrights, Computer software, or applications might be considered Tangible Assets.
- Current Assets: Debtors and Trade Receivables are the kinds of current Assets.
- Non-Current Assets: Long-term Investments like Fixed deposits, Mutual funds are the kind of non-current assets.
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