Assets are the resources that a corporation owns or manages and which are anticipated to be beneficial in the future.
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A useful resource that a company owns or rent and that helps to run your business is referred to as an asset in the business world. Intangible assets like goodwill, reputation, and brand recognition can also be used as resources, in addition to tangible things like computers and small sums of money.
Assets are resources that can be used to produce value, be sold, or be converted into cash in accounting. Examples include your inventory, bank account balances, accounts receivable, pre-paid expenses, etc.
Assets can typically be divided into categories based on their nature and type based on their physical qualities, such as current assets, fixed assets, tangible assets, and intangible assets, and their ability to be converted into cash.
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