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.

References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

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