Assets
What are Assets?
Assets are everything your business owns that carries economic value and provides future economic benefit: cash in hand and bank, office equipment, computers, furniture, buildings, and accounts receivable owed by customers.
Types of Assets
| Category | Description | Examples |
|---|---|---|
| Current Assets | Cash or assets expected to convert to cash within 1 year | Cashbox, bank balances, Accounts Receivable |
| Fixed Assets | Tangible assets used over multiple years | Office equipment, computers, furniture, vehicles, property |
| Intangible Assets | Non-physical assets with value | Brand trademarks, software licenses, patents |
The Accounting Equation
Assets = Liabilities + Owner's Equity
Every asset your business owns is funded either by borrowed debt or by the owner's capital.
Frequently Asked Questions
Yes. Computers, furniture, and office equipment are fixed assets used to operate the business over multiple years.
Current assets convert quickly into cash within one year (like cash and customer debts). Non-current (fixed) assets remain in operation over several years (like office equipment, furniture, and property).
Yes, known as Accounts Receivable. They represent money owed to your business by customers, counted as current assets even before collection.
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