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Answer Posted / ranjan kumar
The physical exitance of goods which are not meant for
resale and which are kept in the business for a long time is
called Assets.
There are five kinds of Assets.
(1)Fixed Assets:-Those Assets which are kept in the business
for a long time.and it takes long time to convert in the
cash is called fix Assets.
EX.-Land,Building etc.
(2)Current Assets:-Those Assets which are kept in the
business for a short time and it takes short time to convert
in the cash is called Current Assets.
EX-Cash,Bills receiver etc.
(3)Tangible Assets:-Those Assets which can be seen or
touched is called Tangible Assets.
EX-Land,Computer etc.
(4)Intangible Assets:-Those Assets which can't be seen or
touched is called Intangible Assets.
EX-Goodwill,Patent etc.
(5)Westing Assets:-Those Assets which get exhaust being used
is called westing Assets.
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