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| Name | What is an Asset? |
| Video Uploader | Video From The Accounting Student |
| Upload Date | This Video Uploaded At 24-10-2016 16:28:44 |
| Video Discription | ๐บ SUBSCRIBE to our channel https://www.youtube.com/theaccountingstudent?sub_confirmation=1 WHAT IS AN ASSET? First of all letโs have a look at the definition of an asset. An asset can be defined as a resource owned by a business that has an economic value, which can be measured. Assets can be divided into two main types; they are, fixed assets and current assets. Fixed assets that can be also known as non-current assets are assets that were bought with the intention not to be sold but held and used within the business. They are expected to be in the business for a long period of time (at least more than a year) and are used to assist the business generate revenue. Fixed assets can be divided further into tangible and intangible fixed assets. Tangible fixed assets are assets that are physical and you can touch. They include, premises, motor vehicles, computers, machinery and fixtures and fittings. And Intangible fixed assets are assets that are non-physical and you cannot touch. They include, patents, copyright, trademarks and goodwill. We will now look at the second main type of assets, the current assets. Current assets are assets that are bought with the intention to be held for a short period of time (normally less than a year). They are likely to be resold for a profit and be converted into cash as part of the day-to-day trading of a business. Current assets include, stock or inventory known as items for resale, debtors or accounts receivable known as the customers who owe you money, cash in bank, cash in hand and prepayments which are bills or expenses paid for in advance. This video will help you with questions such as what is an asset, what is an example of an asset, what are the types of assets, what is the definition of an asset, what are assets, what is an asset example, what is an asset in accounting, what is an asset in business, what is assets and liabilities, types of assets, current assets, fixed assets, current and fixed assets. MUSIC CREDIT @benfrydrums DISCLAIMER Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations. #whatisanasset #currentassets #fixedassets |
| Category | Education |
| Tags | what is an asset | asset | assets | what are assets | asset management | what is fixed asset | what is a fixed asset | is a house an asset | what are intangible assets | what are tangible assets | what is an asset? | what is an asset class | what is asset valuation | what are current assets | what is asset | tangible assets | what is meant by asset | asset definition | current asset | fixed asset | debtors | creditors | inventory | prepayments | accruals | the accounting equation |
