What is Asset?
An '''asset''' is something valuable or useful. In [[business]] and [[accounting]], the value of an asset is expressed as a certain amount of [[money]]. The amount of money can be calculated as the amount of economic value that the asset can produce in future. The calculation is based on [[past]] [[transaction]]s or events. Correct evaluation can be useful in deciding what to do with an asset. Examples of assets include [[money]], [[property]] (land and buildings), and [[accounts receivable|amounts to be received]] from someone. There are two types of assets: *[[Wiktionary:tangible|tangible]] assets **Fixed assets such as buildings, equipment etc. **Current assets like inventory *[[Wiktionary:intangible|Intangible]] assets for example: [[goodwill]], [[patents]], [[trademarks]], [[copyrights]] and [[computer programs]] ==Asset characteristics== Assets have three important characteristics: *They can give a future benefit to contribute directly or indirectly to future net [[cash flows]], and, in the case of [[Non-profit organization|not-for-profit organizations]], to give [[service]]s; *It can control [[access]] to the benefit; and, *The transaction or event which created the asset has already occurred. == Other websites == *[http://pods.dasnr.okstate.edu/docushare/dsweb/Get/Document-2489/T-4147web.pdf Protecting Business Assets]: An article from Oklahoma State University *[http://www.utexas.edu/law/faculty/calvinjohnson/Pooling.pdf Roundtable on accounting for intangible assets] [[Category:Economics]]