An asset is the basic concept of accounting, it refers to those resources which help the company or individual in production of things which in turn can be used by the producer himself or resold for profit. Given below are some of the examples of assets –
- Land
- Building
- Plant and Machinery
- Furniture and Fittings
- Inventory
- Cash in hand
- Bank Balance
- Debtors
- Bills Receivables
- Prepaid Expense
- Goodwill
- Patents
- Underwriting commission
- Preliminary expenditure
Out of the above top 4 are categorized as fixed assets, while serial number 5 to 9 can be grouped under current assets, whereas goodwill and patents are intangible and as far as underwriting commission and preliminary expenditure are concerned they are treated as Fictitious.