What are assets? – Definition and examples

Definition

Those valuable things which are possessed by the business are called assets.

OR

Assets are economic resources that are owned by a business and are expected to benefit future operations.

OR

Properties, things and receivables having certain values owned by the business are called assets.

Example

The following are some examples of assets.

Land, Building, Furniture, Accounts Receivable, Goodwill, etc.

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