Accounting Dictionary - Letter A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Assets
are the economic resources a business uses to accomplish its main goal (i.e., increase the owners' wealth). There three are characteristics of assets: future probably economic benefit; controlled by the entity; and result from prior events or transactions. Assets can be current (e.g., cash, accounts receivable) and non-current (e.g., fixed assets, long-term investments).
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