WHAT IS AN ASSET IN BUSINESS?
BUSINESS
GLOSSARY
2022 SERIES
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DEFINITION
Anything that has economic value in the business.
The asset can have current or future value.
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ASSET TYPES
1. Tangible
2. Intangible
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1. Current
2. Non Current
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EXAMPLE TANGIBLE ASSET
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1. Land
2. Building
3. Machinery
4. Inventory
Anything that can be felt by touch & has economic value
1. License
2. Trademark
3. Patent
4. Copyrights
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EXAMPLE INTANGIBLE ASSET
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Anything that cannot be felt by touch but has economic value
1. Cash
2. Inventory
3. Liquid assets
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EXAMPLE
CURRENT ASSET
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Assets that can be converted into cash within a year.
1. Property
2. Equipment
3. Goodwill
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EXAMPLE
NON CURRENT ASSET
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Assets that cannot be converted into cash within a year.
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