Assets

What are assets?

Assets Definition: Assets are reported as an item of economic or financial value, which belongs to a company, individual, or corporation, and provides a current or future benefit. Assets are purchased to improve a company’s value, such as equipment used in an office, inventory, furniture, or real estate.

They improve a company’s value and provide a benefit for a limited time or consistently. Assets are recorded on a balance sheet and include non-tangible goods, such as patents.

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