Assets
Assets are items, properties, and resources of value owned by an organization. Assets are found on the balance sheet and include cash in the bank accounts, cash in petty cash box, accounts receivable, equipment, land and buildings, vehicles, etc.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Assets. Properties (resources) of value such as cash, supplies, equipment, or land owned by an organization.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
