Advertisements
Advertisements
Question
Explain Asset.
Answer in Brief
Solution
- An asset is any resource owned by an individual, business, or organization that is expected to provide future economic benefits.
- Assets are essential components of a balance sheet and represent items of value that contribute to the overall wealth and financial stability of the entity.
- They can take various forms, such as cash, inventory, property, equipment, investments, and intellectual property.
- Further, assets are classified as Current assets and Fixed assets.
shaalaa.com
Classification of Assets and Liabilities
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
What are liquid assets?
What are contingent liabilities?
Give two examples of fictitious assets.
Mention two contingent liabilities.
Give a classification of assets.
Give a classification of liabilities.
What are fictitious assets?
Give one example of fictitious assets.
Explain current assets with an example.
Name the different types of liabilities.
