POSSESSING ASSETS

Assets

Assets Quotes

This video will show you some quotes about assets that will inspires you a lot.

Asset's Past

Expenses vs. Assets

Expenses are less expensive items or services that a company procures in order to run the business. Expenses are typically used within a relatively short period of time. It directly reduce taxable income in the year they incurred if using the accrual method of accounting, or in the year that they are paid if they using the cash method of accounting.

Examples of business expenses include rent, travel, intertainment, utilities, and office supplies.

Rental expense   5000
     Cash                    5000
 

For an Asset: If you purchase an asset receives the debit and Cash frequently receives the credit as shown below.

Equipment       25000
    Cash                 25000

10 Elements of the Finacial Statement

There are 10 Elements of the financial statement

•  Assets
• Liabilities
• Equity
• Investments by Owner
• Distributions to  Owner
• Revenues
• Expenses
• Gains/Losses and lastly the
• Comprehensive Income

https://highered.mheducation.com/sites/.../elements_of_financial_statements.html

What are Tangible Assets in Business?

        Tangible assets are one of two types of assets a business may own. These assets contribute significantly to the value a company has at any given point. Therefore, companies take great care to track and manage the tangible assets they have. By leveraging these assets, companies can remain financially stable and continue operations.

Classification and Examples

        Tangible business assets can vary greatly from business to business, as the the properties each company needs to operate are not consistent. However, tangible business assets generally fall into two main categories: current and fixed. Current assets are assets the business has on hand that are flexible and which the company can liquidate fairly easily, such as funds in a business bank account. Inventory is another good example of a current asset. Current assets often don't depreciate. Fixed assets are just the opposite. They are harder to liquidate and typically do depreciate. Examples in this category include the company's buildings, machinery, land and furniture.