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Answer Posted / harsimranjeet kaur
anything which is in the possesion or is the property of a
business enterprise including the amount due to itfrom
others is called assets.
for eg. cash and bank balances, stock, furniture, land and
building, machinery, bills receivable, money owing by
debtors, etc
there are 4 types of assets namely:
1. Fixed assets: continued in the business and not meant for
resale. Eg, Plant and Machinery, Land and Building, etc
2. Current assets: are meant for sale or management would
convert into cash within one year.
For Eg, Debtors, Stock, Bills receivables
3. Intangible and tangible assets: Tangible assets are those
which can be seen or touched or have physical existence. For
eg, L&B, Plant&Machinery,etc
Intangible assets are those which cannot be seen or touched
or dont have physical existence. For eg, goodwill, Trade
marks, Patent,etc
4. Wasting Assets: are those assets which get exhausted with
the lapse of time. for eg, patents, Trade marks,Leasehold
properties, etc
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