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In [[accounting]], an '''asset''' is any resource owned by a business, having economic value or the expectation of future benefit. An asset can have ''tangible'' value, such as as cash, notes receivable, accounts receivable, property, stock, inventory, fixtures, business machinery, or ''intangible'' value such as property rights, patents, and goodwill.
In [[accounting]], an '''asset''' is any resource owned by a business, having economic value or the expectation of future benefit. An asset can have ''tangible'' value, such as as cash, notes receivable, [[accounts receivable]], property, [[stock]], inventory, fixtures, business machinery, or ''intangible'' value such as property rights, patents, and goodwill.
Assets can be categorized in various ways: Monetary Assets are those that consist of cash or will be converted to cash. An example of a monetary asset is Accounts Receivable. Nonmonetary assets are not normally converted to cash. Machinery and Equipment owned by a company are examples of nonmonetary or ''fixed'' assets.
Assets can be categorized in various ways: Monetary Assets are those that consist of cash or will be converted to cash. An example of a monetary asset is Accounts Receivable. Non-monetary assets are not normally converted to cash. Machinery and Equipment owned by a company are examples of nonmonetary or ''fixed'' assets.
Assets may also be considered as Current or Non-current. Current assets are generally expected to be consumed within one year. Examples of current assets would be cash and inventory. Non-current assets are considered to have permanent, long-term benefits and life expectancy of more than one year. Examples of long term assets are equipment, buildings, and real estate.
Assets may also be considered as Current or Non-current. Current assets are generally expected to be consumed within one year. Examples of current assets would be cash and inventory. Non-current assets are considered to have permanent, long-term benefits and life expectancy of more than one year. Examples of long term assets are equipment, buildings, and real estate.