Assets

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.

The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.

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