Asset Accounts

Assets are the resources owned by a business which benefit its future operations and are convertible to cash (cash itself is also an asset). Examples are cash, land, building, vehicles, receivables, etc.

List of Asset Accounts

Following are the common asset accounts:

The assets cash, accounts receivable, notes receivable, prepaid insurance, inventory and supplies are categorized as Current Assets.

Equipment, buildings, land and patents are categorized as Non-Current Assets.

Those assets which have no physical existence are called intangible assets.

Written by Irfanullah Jan