What are Assets in Accounting?

What are Assets in Accounting?

Assets: Assets are the properties and possessions of the business.

Properties and possessions can be of two types:

  • Tangible Assets that have physical existence ( are further divided into Fixed Assets and

Current Assets)

  • Intangible Assets that have no physical existence

Examples of both are as follows:

  • Tangible Assets – Furniture, Vehicle etc.
  • Intangible Assets – Patents, Copyrights, Goodwill etc.

For What is Liability? Click Here or for What are Expense? Click here

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