3 Questions
______ are resources owned by a company or individual that have economic value
Assets
In accounting, assets are classified into different categories such as current assets, fixed assets, and intangible assets
Assets
The value of assets is usually recorded on a company's balance sheet
Assets
Study Notes
Assets
- Assets are resources owned by a company or individual with economic value
- In accounting, assets are categorized into three main types:
- Current assets
- Fixed assets
- Intangible assets
- The value of assets is recorded on a company's balance sheet
Test your knowledge on assets and their classification in accounting with this informative quiz. Explore the different types of assets and learn how they are recorded on a company's balance sheet.
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