ECONOMICS

Detailed explanation-1: -Assets are the economic resources of a business that are expected to produce a benefit in the future. On a balance sheet, assets are listed before liabilities and equity. Assets are classified as either current or long-term.

Detailed explanation-2: -An asset represents an economic resource owned or controlled by, for example, a company. An economic resource is something that may be scarce and has the ability to produce economic benefit by generating cash inflows or decreasing cash outflows.

Detailed explanation-3: -Business assets are items of value that your business owns, creates or benefits from. Assets can range from cash, raw materials and stock, to office equipment, buildings and intellectual property.

Detailed explanation-4: -Assets are economic resources owned by a company. Examples of assets include cash, accounts receivable, supplies, building, machinery, and equipment etc. Liabilities are the company’s debt or obligations. Examples of liabilities are accounts payable, unearned revenue and bonds payable.

Detailed explanation-5: -Sources of Assets Generally, the assets of a business come from the first investment of its owner or owners. Depending on the nature of the trade, this may be in the form of cash, land, equipment, raw materials, finished goods, inventory, vehicle, loans, building, prepaid expenses, business revenue, and notes.