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An Asset can be anything "Tangible or Intangible" which has got a definite or varying cost/value and bears a potential in it by itself to generate a regular income either directly or in support with other. Assets can be: Plant and Machinery, Land and Building, Furniture, Inventory, Fixtures and Fittings or Goodwill, Patents, Royalties or Prepaid expenses, Deferred Revenue Expenses, Outstanding income, or carry forward of a loss in anticipation to write of with income generated and the like.
Asset is any tangible or intangible thing in the business and that can fetch economic value. Tangible assets are plant and machineries and debtors and creditors and intangible assets are patent and copywright and trade marks and goodwills
In the context of accounting, assets are either current or fixed (non-current). Current means that the asset will be consumed within one year. Generally, this includes things like cash, accounts receivable and inventory. Fixed assets are those that are expected to keep providing benefit for more than one year, such as equipment, buildings and real estate.
Probable Future economic benifits
General defecation irrespective of Accounting Standard I can say,
“A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit”.
Assets are bought to increase the value of a firm or benefit the firm's operations. You can think of an asset as something that can generate cash flow, regardless of whether it's a company's manufacturing equipment or an individual's rental apartment.
In the context of accounting, assets are either current or fixed (non-current). Current means that the asset will be consumed within one year. Generally, this includes things like cash, accounts receivable and inventory. Fixed assets are those that are expected to keep providing benefit for more than one year, such as equipment, buildings and real estate.
Asset refer to two things :
1- Property of a company whether current asset or noncurrent asset
2- Any receivable accounts .
Asset is something valuable that an entity owns, benefits from, or has use of, in generating income.
In addition to above, Assets are current Assets and Fixed Assets. Fixed Assets generates revenue for long run and are sound pillars of the organization like Machinery, Buildings, Employees etc. Current Assets are assets which gives benefits for short run or period, like marketable securities, Debtors, seasonal employees.
Agreed with colleagues answers
A resource with economic value that an individual, corporation or government owns or controls with the expectation that it will provide future benefits.
There are many Classification of assets
1- Tangible Assets
2- Non tangible Assets
Which sub-classify
1- Fixed Assets
2- Current Assets
3- Long term Assets
All Advances of the banks.
Fixed property
Tengble
Bonds
Cash
Shares
and all receivables are assets of the said Entity
