Assets in any item from which economic benefits could be derived by an entity. It is the property of the entity which can be converted into cash. It is estimated that assets will increase the firm value and will enhance the firm’s business operations.
Types of Assets Accounts
There are two types of assets account:
- Non-current assets
- Current assets
Within each category, there are several lists of assets accounts such as:
Non-current assets
- Property, Plant & Equipment
- Land & Building
- License, Trade marks
- Computers
- Furniture & Fixture
Current Assets
- Cash
- Bank
- Accounts receivable
- Notes receivable
- Stock/ Inventory
- Prepaid insurance.