10 Questions
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future ______.
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Assets are reported on a company's ______ sheet.
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They are bought or created to increase a firm's value or benefit the firm's ______.
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An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses, or improve ______, regardless of whether it's manufacturing equipment or a patent.
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Assets can be classified as current, fixed, financial, or ______.
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Current assets are short-term economic resources that are expected to be converted into ______ or consumed within one year.
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Fixed assets are resources with an expected life of greater than a ______, such as plants, equipment, and buildings.
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Financial assets represent investments in the assets and securities of other ______.
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Historical cost represents the original cost of the asset when purchased by a ______.
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Depreciation allocates the cost of the asset over ______.
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Learn about assets, which are resources with economic value owned by individuals, corporations, or countries. Assets are classified on a company's balance sheet as current, fixed, financial, and intangible, and are acquired to increase value or benefit operations.
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