In business and accounting, assets are economic resources owned by business or company. Anything tangible or intangible that one possesses, usually considered as applicable to the payment of one's debts is considered an asset. Simplistically stated, assets are things of value that can be readily converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetaryJ.G.Siegel, N.Dauber & J.K.Shim, "The Vest Pocket CPA", Wiley, 2005. There are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the Historical Cost is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet.Welcome to CWAnswers
CWAnswers is your guide to the sprawling world wide web. The directory aims to
provide a useful guide made by users. You can share your knowledge as well -
simply register and edit your first entry.
For questions just contact the team at support - at - cwanswers.com. Weblinks
Top 10
Things you find nowhere else.
Comments
Your changes have been saved.