Assets defined: Economic resources with probable future benefits

Examples: Cash and cash equivalents, accounts receivable, inventory, prepaid expenses, investments, property, plant, and equipment, and intangible assets

Financial statement: Balance sheet

H_1F_Assets_defined Copy

Learn accounting with the free app

Accounting Flashcards

Accounting Flashcards includes a translate button for English, Chinese, and Spanish.

Learn financial accounting using beautifully illustrated flashcards, coordinated lessons, and rich audio. Whether you are an aspiring CPA or IFRS expert, use this accountancy app to reach your goals. Even an aspiring chartered accountant or those reaching for the CPA Australia can benefit. Topics of accounting standards, equation, terms, ratios, and more are covered.


Get the PDF book here



« Back to Glossary Index