Assets: Difference between revisions
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Assets are represented in the balance sheet by ''debit'' | Assets are represented in the balance sheet by ''debit balances''. | ||
Revision as of 15:10, 4 August 2021
1. Financial reporting - balance sheet.
In financial reporting, assets are defined as 'present economic resources controlled by a reporting entity as a result of past events'.
An economic resource is a right that has the potential to produce economic benefits.
Examples include cash, trade receivables, inventory, tangible fixed assets and some intangible assets.
Assets are represented in the balance sheet by debit balances.
Some types of assets are not reported in traditional accounting balance sheets.
For example, certain types of intangible asset.
2. Assets & liabilities.
More generally, assets are any possessions or resources (whether or not they are owned or reported by a financial reporting entity).
See also
- Accruals accounting
- Alienation of assets
- Balance sheet
- Capital
- Chargeable asset
- Current assets
- Debit balance
- Depreciating asset
- Depreciation
- Digital asset
- Direct investment
- Disaggregation
- Economic resource
- Enhancement expenditure
- Equity
- Fair value
- Financial asset
- Financial liability
- Financial risk
- Fungible
- Hire purchase
- Intangible assets
- Interest
- Interest gap
- Inventory
- Lease
- Liabilities
- Liabilities and equity
- Liquid
- Long life assets
- Mismatch
- Net assets
- Net worth
- Offset
- Prepayments
- Reporting entity
- Return
- Sale and leaseback
- Short life asset
- Tangible asset
- Trade receivables
