Question

What is asset?

Answer 1

Asset is an economic resource that is held by business to generate future income and benefits.It is owned by firm, corporation or individuals to have monetary benefit in future. It is shown in balance sheet of company. Asset can be in form of both current asset and non current asset. Current asset includes cash, inventory, accounts receivable, while non current asset comprises of Plant and machinery, equipment, furniture etc.

so in short Asset is an resources owned by enterprises to generate future income or cash inflows