The broad definition of an asset is anything possessed that is valuable. But, what exactly are assets in accounting? Fiscal quantifiability must define assets for accounting purposes. Assets are a company’s measurable resources that can be expressed in monetary terms.
Cash, checking and savings accounts, profitable investments, stocks, bonds, patents, property, buildings and structures, vehicles, equipment, and machinery—anything tangible or intangible that can be bought or sold—can be considered assets. A company must fully own an asset that contributes to profitability in some way.
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