What are Assets?

Property means the economic source of the enterprise, which can be expressed in the currency, which is valued and used for business operations and earning income.

In this way we can say that the properties are those sources which benefit in the future.

For example, machines, land, buildings, trucks, etc.

In this way property is the valuable tool of business on which the business is owned and which has been acquired at the cost measured in currency.

The following types of properties are: -

Fixed Assets

Permanent properties are meant for those properties which are to be kept in business for a long time and which are not for resale.

Examples - land, building, machine, logistic etc.

More information join Cbitss , Cbitss Provies best Accounting courses in chandigarh join cbitss and make your career in Accounts .

Current Assets

Existing property means those properties which are retained for sale in the business or converted to cash in the short term. Therefore, they are also called current properties, cyclical properties and variable assets.

Examples :

Debtors, prepaid expenses, stocks, receivables, etc.

Intangible Assets

Intangible Assets are those assets which do not have physical existence, but there is a monetary value.

Examples - reputation, trademarks, patents, etc.

Tangible Assets

Tangible properties are those properties which can be seen and touched, i.e., which have physical existence.

Examples -

Land, building, machine, plant, logistic, stock, etc.

Wasting Assets

Deteriorating property are those properties that are used or destroyed due to consumption or consumption.

Examples -

Mines, oil wells, etc.

What is the capital?

That money is called capital, which the business owner imposes in business. Business is started from this amount.

Capital is divided into two following parts: -

Stable capital: - The money that is invested in to get the property is called the capital, ie, the purchase of machinery and plant, the purchase of land and building.

Working Capital: - The part of capital used for the daily business of the business is called working capital.

Working capital = current assets - current liability

Are you looking /searching Best Accounting courses in chandigarh , mohali , punjab , Than you are Right place . join now