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What Are Assets And Liabilities? A Brief Introduction To Finance
In simple terms, assets are value owned by an individual, organization, or business. They represent resources that can generate future economic benefits. Assets can be tangible, like a house or machinery, or intangible, like patents or copyrights. Here are the primary categories of assets:
1. Current Assets: These are short-term assets expected to be converted into cash within a year. Examples include:
Cash
Accounts receivable
Inventory
2. Non-Current Assets: Also known as fixed or long-term assets, these are resources meant for long-term use. Examples include:
Land and buildings
Equipment
Investments in other companies
3. Intangible Assets: These are non-physical assets with value due to intellectual property or branding. Examples include:
Trademarks
Goodwill
Software licenses.
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