Assets

All economic resources of business organization are called Assets. According to Statement of Financial Accounting Concept 6 (SFAC 6); as “future economic benefits obtained or controlled by a particular entity as a result of past transactions or events” (Para. 25). A resource having economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. It has four types, Tangible Assets, Intangible Assets, Natural Resources and Financial Assets.

assets

 

>> Read Types of Accounts.