Asset is defined as resource which is owned by the entity with the expectations of future economic benefit.
Asset can be classified as current asset and non current asset.
Current assets are assets which are easily converted into cash and hold for short period of time.
Non current asset are the assets which are hold for long period of time like machinery, furniture.
Assets have debit balance and it is reported on the company's balance sheet.
They are created as it increases the firm's value.
Assets can also be classified as fixed, financial, tangible, intangible.
Human resource is also asset for the company.
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