BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Assets
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Liabilities
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Equity
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Detailed explanation-1: -A business asset is an item of value owned by a company. Business assets span many categories. They can be physical, tangible goods, such as vehicles, real estate, computers, office furniture, and other fixtures, or intangible items, such as intellectual property.
Detailed explanation-2: -Current assets Current assets include cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses, and office supplies. For a home goods company, current assets might include their inventory of handmade rugs, and computers to help their employees do their jobs.
Detailed explanation-3: -Common types of assets include current, non-current, physical, intangible, operating, and non-operating.
Detailed explanation-4: -An asset is anything of value or a resource of value that can be converted into cash. Individuals, companies, and governments own assets.
Detailed explanation-5: -The four main types of assets are short-term assets, financial investments, fixed assets, and intangible assets.