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What is an Asset?

What is an Asset?

Assets_blog

What is an Asset?

Definition

Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property.

On a balance sheet, assets are equal to the sum of

  • liabilities,
  • common stock,
  • preferred stock, and
  • retained earnings.

Recommended Read: Stages to become a Company Secretary
From an accounting perspective, assets are divided into the following categories:

  • current assets(cash and other liquid items),
  • long-term assets(real estate, plant, equipment),
  • prepaid and deferred assets (expenditures for future costs such as insurance, rent, interest), and
  • intangible assets(trademarks, patents, copyrights, goodwill).

What is an Asset?

Also Read: The Advantages and Disadvantages of Preference Shares

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