Assets : Anything which is in the possession or is the property of a business enterprise including the amounts due to it from others, is called an asset.
In the other words, Anything which will enable a business enterprise to get cash or a benefit in future is an asset. Thus, Cash and Bank balances, Stock, Furniture, Machinery, Land and Building, Bills Receivable, Money owing by Debtors etc. are all assets.
According to Finney and Miller : Assets are future economic benefits, the rights of which are owned or controlled by an organisation or individual.
According to Prof. R.N. Anthony : Assets are valuable resources owned by a business which are acquired at a measurable money cost.
Classification of Assets :
- Current Assets and
- Non-Current Assets
(a) Tangible Assets (b) Intangible Assets.