Know more about Asset

Any item of property owned by a company, regarded as having value and with the expectation that it will provide future benefit is termed as Asset. Assets are classified into multiple categories.

Current assets: All Assets that will be consumed in short time, generally within one year. Generally, this includes things like cash, accounts receivable and inventory.

Fixed assets:  Assets that are expected to keep providing benefit for more than one year, such as equipment, furniture and real estate.

Intangible assets: These are nonphysical resources and rights that have a value to the firm as they give the company advantages such as pricing power, marketing power or reduced competition in the market place. Examples of intangible asset are goodwill, copyrights, trademarks, patents and brands.