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Accountancy
Emblem-money.svg
Key concepts
Accountant · Bookkeeping · Trial balance · General ledger · Debits and credits · Cost of goods sold · Double-entry system · Standard practices · Cash and accrual basis · GAAP / IFRS
Financial statements
Balance sheet · Income statement · Cash flow statement · Equity · Retained earnings
Auditing
Financial audit · GAAS · Internal audit · Sarbanes–Oxley Act · Big Four auditors
Fields of accounting
Cost · Financial · Forensic · Fund · Management · Tax
.In financial accounting, assets are economic resources.^ Most people think of assets in terms of property or financial resources.
  • Project Cornerstone: Developmental Assets 10 February 2010 10:22 UTC www.projectcornerstone.org [Source type: FILTERED WITH BAYES]

^ STAM has acquired and maintained strong relative value insight in investment and arbitrage opportunities for various assets/securities under different economic and financial environment.
  • ST Asset Management - About Us/Corporate Profile 10 February 2010 10:22 UTC www.stassetmgt.com [Source type: News]

^ The Board discussed accounting and financial reporting for impairment of noncapital intangible assets.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

.Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.^ Assets An asset is anything of value that your company owns — including cash.
  • What Are Assets, Liabilities, and Owners' Equity? | Company Activities & Management > Financial Performance & Reports from D&B Small Business Portal 10 February 2010 10:22 UTC smallbusiness.dnb.com [Source type: News]

^ Asset any tangible or intangible item to which a value can be assigned.

^ An asset is anything that you own and has value.

.Simplistically stated, assets represent ownership of value that can be converted into cash (although cash itself is also considered an asset).^ To convert (assets) into cash.
  • Liquid Asset Partners Current Liquidations and Auctions 10 February 2010 10:22 UTC www.liquidassetpartners.com [Source type: FILTERED WITH BAYES]

^ An asset is an item that has value and can be converted into cash.
  • Asset - Wiki 10 February 2010 10:22 UTC wiki.fool.com [Source type: General]

^ Liquid Assets - assets in the form of cash (or easily convertible into cash) .
  • Liquid Asset Partners Current Liquidations and Auctions 10 February 2010 10:22 UTC www.liquidassetpartners.com [Source type: FILTERED WITH BAYES]

[1] .The balance sheet of a firm records the monetary[2] value of the assets owned by the firm.^ Cite This Source asset Something of monetary value that is owned by a firm or an individual.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ A balance sheet item representing what a firm owns.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ An asset is something of monetary value that you own.

.It is money and other valuables belonging to an individual or business.^ Names of other debtors, as well as individuals or businesses that may have guaranteed the debt, may be listed in UCC filings.
  • Locating Assets - Be Your Own Detective - How to Investigate 10 February 2010 10:22 UTC howtoinvestigate.com [Source type: FILTERED WITH BAYES]

^ Refers collectively to a spot curve, forward curve, discount curve, yield curve or any other curve that describes the time value of money at a particulate point in time.
  • Asset-Liability Management 10 February 2010 10:22 UTC www.riskglossary.com [Source type: FILTERED WITH BAYES]

^ The individual would then have to trust the other party or parties to funnel money back in his or her direction.
  • Locating Assets - Be Your Own Detective - How to Investigate 10 February 2010 10:22 UTC howtoinvestigate.com [Source type: FILTERED WITH BAYES]

.[3] Two major asset classes are tangible assets and intangible assets.^ See also intangible assets and tangible assets .

^ See also current asset , intangible asset , tangible asset .
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]
  • Assets Definition | Definition of Assets at Dictionary.com 1 February 2010 7:07 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ Correlation between two assets (or, asset classes) varies over time.

.Tangible assets contain various subclasses, including current assets and fixed assets.^ Compare current assets with fixed assets.
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

^ See also current asset , intangible asset , tangible asset .
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]
  • Assets Definition | Definition of Assets at Dictionary.com 1 February 2010 7:07 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ Examples of tangible fixed assets include land and buildings, plant and machinery, fixtures and fittings, motor vehicles and IT equipment.
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

[4] .Current assets include inventory, while fixed assets include such items as buildings and equipment.^ Physical inventory audits of fixed assets and equipment .
  • Asset Management Services, Fixed Asset Inventory, Fixed Asset Count, Physical Equipment Inventory 10 February 2010 10:22 UTC www.assetservices.com [Source type: News]

^ Compare current assets with fixed assets.
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

^ Current assets include: .
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

[5] .Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place.^ Also included are intangible assets such as patent rights, goodwill , trademarks, and copyrights.
  • Asset - Wiki 10 February 2010 10:22 UTC wiki.fool.com [Source type: General]

^ Cite This Source asset Something of monetary value that is owned by a firm or an individual.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ Book value, the usual value measure, is a firms assets minus its liabilities.
  • Benjamin Graham: Net Current Asset Value Strategy 10 February 2010 10:22 UTC www.winninginvesting.com [Source type: FILTERED WITH BAYES]

.Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs,[5] and financial assets, including such items as accounts receivable, bonds and stocks.^ Assets can be physical, such as machinery and consumer durables, or financial, such as cash and accounts receivable.Assets...

^ Some intangible assets can also be depreciated, such as computer software, copyrights, and patents.
  • Asset Tracking Software and Solutions: Fixed and Mobile Asset Tracking Software and Asset Tracking Tools, Tracking And Maintenance 10 February 2010 10:22 UTC www.systemid.com [Source type: General]

^ Patents, copyrights and other nonmaterial assets that have value are referred to as intangible.
  • What Are Assets, Liabilities, and Owners' Equity? | Company Activities & Management > Financial Performance & Reports from D&B Small Business Portal 10 February 2010 10:22 UTC smallbusiness.dnb.com [Source type: News]

Contents

Asset characteristics

  • The probable present benefit involves a capacity, singly or in combination with other assets, in the case of profit oriented enterprises, to contribute directly or indirectly to future net cash flows, and, in the case of not-for-profit organizations, to provide services;
  • The entity can control access to the benefit;
  • The transaction or event giving rise to the entity's right to, or control of, the benefit has already occurred.
.In the financial accounting sense of the term, it is not necessary to be able to legally enforce the asset's benefit for qualifying a resource as being an asset, provided the entity can control its use by other means.^ Another characteristic of an asset is that business entity is in control of accessing benefits from it.
  • Asset - Economypedia.com | Economic Dictionary, Economic Terms 1 February 2010 7:07 UTC www.economypedia.com [Source type: Reference]

^ It does not mean that the asset belongs to the owner in a legal sense.
  • ISO 27001 and ISO 27002 Information Security Definitions 10 February 2010 10:22 UTC www.praxiom.com [Source type: Reference]

^ Although you could order asset tags using virtually any of our over 40 different substrate materials, a few are most commonly used for asset tags, and the practical benefits each provides are shown below.
  • Asset Tags, Asset Labels, Asset Management Labels, Property ID Labels, Computer Asset Tag - MaverickLabel.Com, Inc. 10 February 2010 10:22 UTC www.mavericklabel.com [Source type: General]

.It is important to understand that in an accounting sense an asset is not the same as ownership.^ If that makes sense, you've got a great start on understanding asset allocation and diversification.
  • Beginners' Guide to Asset Allocation, Diversification, and Rebalancing 10 February 2010 10:22 UTC www.sec.gov [Source type: General]

^ The Board discussed whether rights associated with property ownership should be considered separate intangible assets for accounting and financial reporting purposes.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

^ Graham does the same calculation, but only includes current assets (cash, inventories, and accounts receivables) in the computation.
  • Benjamin Graham: Net Current Asset Value Strategy 10 February 2010 10:22 UTC www.winninginvesting.com [Source type: FILTERED WITH BAYES]

Assets are equal to "equity" plus "liabilities."
Assets = Liabilities +Stockholder's Equity(Owners' Equity)
.The accounting equation is the mathematical structure of the balance sheet.^ Balance sheet accounting - accounting for fixed assets .
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

^ Because the firms used accrual accounting, the result was not so much bankruptcies as crippled balance sheets.
  • Asset-Liability Management 10 February 2010 10:22 UTC www.riskglossary.com [Source type: FILTERED WITH BAYES]

^ It is an abridged balance sheet based on monthly accounts representing unaudited financial results and operations of the CBN at the last day of each month.
  • Central Bank of Nigeria:: Assets and Liabilities 10 February 2010 10:22 UTC www.cenbank.org [Source type: FILTERED WITH BAYES]

.Assets are listed on the balance sheet.^ Balance sheet accounting - accounting for fixed assets .
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

^ Assets are listed on a firm's balance sheet and include tangible items such as inventories, equipment, and real estate as well as intangible items such as property rights or goodwill.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]
  • Assets Definition | Definition of Assets at Dictionary.com 1 February 2010 7:07 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ Then, convert the NCAV to a per-share figure by dividing by the number of shares outstanding listed on the bottom line of the balance sheet.
  • Benjamin Graham: Net Current Asset Value Strategy 10 February 2010 10:22 UTC www.winninginvesting.com [Source type: FILTERED WITH BAYES]

Similarly, in economics an asset is any form in which wealth can be held.
.Probably the most accepted accounting definition of asset is the one used by the International Accounting Standards Board [6].^ March 17, 2006 In case over missing assets, judge orders "all e-mails" from a Gmail account, including deleted ones, to be turned over.

^ One reason some test takers do well on test day is that they have made the critical connection between the material they learned and how to use that material to succeed on the ASSET test.
  • ASSET Test Study Guide Reviews ASSET Exam Prep Tips - Improve ASSET Student Success System Score Results - Answer ASSET Test Course Sample Practice Test Questions with ASSET Exam Secrets - Go Stress Free from ASSET Test Registration to ASSET Test Date 1 February 2010 7:07 UTC www.mo-media.com [Source type: General]

^ Mistake #2: Putting Assets in Your Spouse’s Name One of the most frequently used strategies recommended by less-than-experienced advisors is to put assets in a spouse’s name (or perhaps the name of the children or even someone else).

.The following is a quotation from the IFRS Framework: "An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise."^ Fixed assets are those that are expected to keep on providing benefit for more than one year, such as equipment, buildings, real estate, etc.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.

^ Fixed and IT enterprise asset management; take control of assets by knowing what you have, how much its worth, and where it is.
  • IT Asset Management Software: ITAM - Software Finder at Forbes Powered by Capterra 1 February 2010 7:07 UTC software.forbes.com [Source type: General]

[7]
.Assets are formally controlled and managed within larger organizations via the use of asset tracking tools.^ Fixed Assets is used by many types of organizations, including state, local, and federal government agencies, single site and multi-site companies, and other entities that need to track assets and capital equipment.
  • Fixed Assets Software | Fixed Asset Tracking | Asset Management 10 February 2010 10:22 UTC www.intellitrack.net [Source type: General]

^ A Broad Scope The overall data management function, shown in Figure 1.3, encompasses ten major component functions: Data Governance: Planning, supervision and control over data management and use.

^ For example, the Media Manager plugin uses this mechanism for allowing the user to customize the asset's size, rotation and alignment within an entry.
  • Creating Custom Asset Types | MovableType.org - Home of the MT Community 10 February 2010 10:22 UTC www.movabletype.org [Source type: General]

.These monitor the purchasing, upgrading, servicing, licensing, disposal etc., of both physical and non-physical assets.^ Manage IT and non-IT inventory, asset contracts, POs, and software licenses.
  • asset news, reviews and downloads on CNET 10 February 2010 10:22 UTC www.cnet.com [Source type: General]
  • asset news, reviews and downloads on CNET 10 February 2010 10:22 UTC computershopper.com.com [Source type: General]

^ In profit oriented enterprises, assets yield a direct or indirect benefit to future net cash flows, while in non-profit enterprises, benefits are through services.
  • Asset - Economypedia.com | Economic Dictionary, Economic Terms 1 February 2010 7:07 UTC www.economypedia.com [Source type: Reference]

^ Asset management - Tracks and monitors status of IT and physical assets and the MRO lifecycle.
  • IT Asset Management Software: ITAM - Software Finder at Forbes Powered by Capterra 1 February 2010 7:07 UTC software.forbes.com [Source type: General]

.In a company's balance sheet certain divisions are required by generally accepted accounting principles (GAAP), which vary from country to country.^ Balance sheet accounting - accounting for fixed assets .
  • Balance sheet accounting - accounting for fixed assets 10 February 2010 10:22 UTC www.tutor2u.net [Source type: FILTERED WITH BAYES]

^ The return on assets ratio lets you know the total level of assets required by a company to generate $1 in sales.

^ On the other hand, if a company pays more than the "fair value" to acquire another company, the difference would show up as goodwill in the acquirer's balance sheet.
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

[8]===Current assets===
.Current assets are cash and other assets expected to be converted to cash, sold, or consumed either in a year or in the operating cycle (whichever is longer), without disturbing the normal operations of a business.^ To convert (assets) into cash.
  • Liquid Asset Partners Current Liquidations and Auctions 10 February 2010 10:22 UTC www.liquidassetpartners.com [Source type: FILTERED WITH BAYES]

^ Current means that the asset will be consumed within one year.
  • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

^ Current assets are assets which the company expects to sell, use-up, or otherwise convert to cash in the next year.
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

.These assets are continually turned over in the course of a business during normal business activity.^ An asset is placed in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity.
  • Asset Tracking Software and Solutions: Fixed and Mobile Asset Tracking Software and Asset Tracking Tools, Tracking And Maintenance 10 February 2010 10:22 UTC www.systemid.com [Source type: General]

^ She continued her career at Western Asset Management as an associate, working closely with marketing directors and client service managers in business development activities.
  • Gould Asset Management: Our People 10 February 2010 10:22 UTC www.gouldasset.com [Source type: News]

^ Staff will continue to research the different aspects of these intangible assets and will present its findings at future Board meetings.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

There are 5 major items included into current assets:
.
  1. Cash and cash equivalents — it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (e.g., money orders, cheque, bank drafts).
  2. Short-term investments — include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities).
  3. Receivables — usually reported as net of allowance for uncollectable accounts.
  4. Inventory — trading these assets is a normal business of a company.^ Generally this includes things like cash, accounts receivable and inventory.
    • Asset | Definition of Asset at Dictionary.com: 10 February 2010 10:22 UTC dictionary.reference.com [Source type: FILTERED WITH BAYES]

    ^ This includes bank lending and deposit taking.
    • Asset-Liability Management 10 February 2010 10:22 UTC www.riskglossary.com [Source type: FILTERED WITH BAYES]

    ^ Long-term investments are investments made by a company in order to secure an additional income stream or a strategic goal.
    • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
    • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

    .The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower.^ They are reported at the lower of purchase price or market value.
    • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
    • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

    ^ However, companies record the value of these assets on their balance sheets at the purchase price (including the cost of installation) rather than at resale value.
    • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
    • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

    ^ By the principle of prudence , current assets are reported in the balance sheet at their least favorable valuation.
    • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
    • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

    .This is known as the "lower of cost or market" rule.
  5. Prepaid expenses — these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance).^ In each set of books, an asset can have a different cost, method, life, business use percentage, investment use percentage, section 179 and convention.
    • Fixed Asset Tax Deprecation Software 1 February 2010 7:07 UTC www.moneysoft.com [Source type: General]

    ^ For example, the Media Manager plugin uses this mechanism for allowing the user to customize the asset's size, rotation and alignment within an entry.
    • Creating Custom Asset Types | MovableType.org - Home of the MT Community 10 February 2010 10:22 UTC www.movabletype.org [Source type: General]

    ^ One reason some test takers do well on test day is that they have made the critical connection between the material they learned and how to use that material to succeed on the ASSET test.
    • ASSET Test Study Guide Reviews ASSET Exam Prep Tips - Improve ASSET Student Success System Score Results - Answer ASSET Test Course Sample Practice Test Questions with ASSET Exam Secrets - Go Stress Free from ASSET Test Registration to ASSET Test Date 1 February 2010 7:07 UTC www.mo-media.com [Source type: General]

    See also adjusting entries.
.The phrase net current assets (also called working capital) is often used and refers to the total of current assets less the total of current liabilities.^ Otherwise, compute the net current asset value by subtracting the total liabilities from the current assets.
  • Benjamin Graham: Net Current Asset Value Strategy 10 February 2010 10:22 UTC www.winninginvesting.com [Source type: FILTERED WITH BAYES]

^ Thus, net current asset value is current assets minus total liabilities.
  • Benjamin Graham: Net Current Asset Value Strategy 10 February 2010 10:22 UTC www.winninginvesting.com [Source type: FILTERED WITH BAYES]

^ Factor sensitivities often used in asset-liability management.
  • Asset-Liability Management 10 February 2010 10:22 UTC www.riskglossary.com [Source type: FILTERED WITH BAYES]

Long-term investments

.Often referred to simply as "investments". Long-term investments are to be held for many years and are not intended to be disposed of in the near future.^ Long-term investments .
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

^ Any investment which has a horizon of one year or more is considered a long-term investment.
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

^ How suitable a particular investment or insurance product (annuity, life insurance, long term care protection, etc.

This group usually consists of four types of investments:
  1. Investments in securities such as bonds, common stock, or long-term notes.
  2. Investments in fixed assets not used in operations (e.g., land held for sale).
  3. Investments in special funds (e.g., sinking funds or pension funds).
.Different forms of insurance may also be treated as long term investments.^ Long-term investments .
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

^ How suitable a particular investment or insurance product (annuity, life insurance, long term care protection, etc.

^ Types of Assets 1.1 Current assets 1.2 Long-term assets 1.2.1 Fixed assets 1.2.2 Long-term investments 1.2.3 Intangible assets 2 References .
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

Fixed assets

.Also referred to as PPE (property, plant, and equipment), these are purchased for continued and long-term use in earning profit in a business.^ All things being equal, the more asset-intensive a business, the more money must be reinvested into it to continue generating earnings.

^ Types of Assets 1.1 Current assets 1.2 Long-term assets 1.2.1 Fixed assets 1.2.2 Long-term investments 1.2.3 Intangible assets 2 References .
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

^ Businesses use more specific accounts within each classification, for example, "current assets" or "long-term liabilities," to organize and track their finances.
  • What Are Assets, Liabilities, and Owners' Equity? | Company Activities & Management > Financial Performance & Reports from D&B Small Business Portal 10 February 2010 10:22 UTC smallbusiness.dnb.com [Source type: News]

.This group includes as an asset land, buildings, machinery, furniture, tools, and certain wasting resources e.g., timberland and minerals.^ Some of the most common tools for asset building include the following: .
  • Assets for Independence (AFI): About 10 February 2010 10:22 UTC www.acf.hhs.gov [Source type: FILTERED WITH BAYES]

^ From tools and telecoms to machinery, IT and furniture, if you're a business spending £7,500 or more, no one's better equipped to give you the Asset Finance you need.
  • Asset and Sales Finance - Barclays Commercial 10 February 2010 10:22 UTC www.barclays.co.uk [Source type: News]

^ Depreciation can be applied to most types of tangible assets (except land), like equipment, machinery, furniture, vehicles, and buildings.
  • Asset Tracking Software and Solutions: Fixed and Mobile Asset Tracking Software and Asset Tracking Tools, Tracking And Maintenance 10 February 2010 10:22 UTC www.systemid.com [Source type: General]

.They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets).^ Depreciation can be applied to most types of tangible assets (except land), like equipment, machinery, furniture, vehicles, and buildings.
  • Asset Tracking Software and Solutions: Fixed and Mobile Asset Tracking Software and Asset Tracking Tools, Tracking And Maintenance 10 February 2010 10:22 UTC www.systemid.com [Source type: General]

^ You increase and expand your liability for their actions and if they are sued your assets could be seized to pay any judgment against them.

^ Some government practitioners do not believe perpetual rights-of-way for roads, for example, should be written off over a forty-year period because they believe that the rights-of-way are inexhaustible assets under the provisions of paragraph 21 of Statement 34.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

Accumulated depreciation is shown in the face of the balance sheet or in the notes.
.These are also called capital assets in management accounting.^ Think of capital assets, also called plant assets, as permanent things your company owns.
  • What Are Assets, Liabilities, and Owners' Equity? | Company Activities & Management > Financial Performance & Reports from D&B Small Business Portal 10 February 2010 10:22 UTC smallbusiness.dnb.com [Source type: News]

^ Today's data management professionals demonstrate a sense of calling and exceptional commitment to managing data assets.

^ These facilitated techniques of gap management and duration matching of assets and liabilities.
  • Asset-Liability Management 10 February 2010 10:22 UTC www.riskglossary.com [Source type: FILTERED WITH BAYES]

Intangible assets

.Intangible assets lack physical substance and usually are very hard to evaluate.^ Intangible assets are assets which cannot be physically seen.
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

^ Intangible assets are defined as "assets (not including financial assets) that lack physical substance."
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

^ The Board tentatively concluded that additional clarification of the lack of physical substance and nonfinancial nature characteristics should be provided in the Standards section of the final Statement.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

.They include patents, copyrights, franchises, goodwill, trademarks, trade names, etc.^ Capitalized research expenses, goodwill , trademarks, copyrights, patents, brand recognition are all intangibles.
  • Metric:Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]
  • Assets 10 February 2010 10:22 UTC www.wikinvest.com [Source type: FILTERED WITH BAYES]

.These assets are (according to US GAAP) amortized to expense over 5 to 40 years with the exception of goodwill.^ Opinion 17, in paragraphs 2 through 29, requires intangible assets to be amortized by systematic charges to income over periods estimated to be benefited (not to exceed forty years).
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

^ Intangible assets with finite lives continue to be amortized over their useful lives, but without the Opinion 17 constraint of a maximum of forty years.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

^ The challenge we face is that, according to the most current Search Institute research, the average young person surveyed has about 19 of the 40 assets.
  • Abundant Assets Alliance 10 February 2010 10:22 UTC www.abundantassets.org [Source type: FILTERED WITH BAYES]

.Websites are treated differently in different countries and may fall under either tangible or intangible assets.^ Assets - Accounting the entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business.
  • Liquid Asset Partners Current Liquidations and Auctions 10 February 2010 10:22 UTC www.liquidassetpartners.com [Source type: FILTERED WITH BAYES]

^ A survey of existing practice on reporting intangible assets was conducted in Fall 2004 through the GASB website.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

^ The staff presented the results of a survey of existing practice on reporting intangible assets conducted by the staff in the fall of 2004.
  • Project Pages—Intangible Assets 10 February 2010 10:22 UTC www.gasb.org [Source type: FILTERED WITH BAYES]

Tangible assets

.Tangible assets are those that have a physical substance and can be touched, such as currencies, buildings, real estate, vehicles, inventories, equipment and precious metals.^ Depreciation can be applied to most types of tangible assets (except land), like equipment, machinery, furniture, vehicles, and buildings.
  • Asset Tracking Software and Solutions: Fixed and Mobile Asset Tracking Software and Asset Tracking Tools, Tracking And Maintenance 10 February 2010 10:22 UTC www.systemid.com [Source type: General]

^ The assets shown on these reports will include your home, vehicles, investment real estate, bank and brokerage accounts, patents, intellectual property, businesses, and, well, just about anything else of value that you own.
  • Personal Asset Protection Company :: Nevada Asset Protection Company :: Nevada Corporation Services Ltd. 10 February 2010 10:22 UTC www.nevada123.com [Source type: General]

^ Our premium metal asset tags bind permanently and, once applied, should outlast your equipment.
  • Asset Control Tags, Property ID Tags, Metal Inventory Tags and Asset Labels 10 February 2010 10:22 UTC www.myassettag.com [Source type: General]

References

  1. ^ Sullivan, arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 272. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4. 
  2. ^ J.G.Siegel, N.Dauber & J.K.Shim, "The Vest Pocket CPA", Wiley, 2005.
    There are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the Historical Cost is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet.
  3. ^ Sullivan, arthur; Steven M. Sheffrin (2003). [http://www.pearsonschool.com/index.cfm? locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4 Economics: Principles in action]. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 192. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm? locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4. 
  4. ^ J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003
  5. ^ a b J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003; and J.G.Siegel, N.Dauber & J.K.Shim, "The Vest Pocket CPA", Wiley, 2005.
  6. ^ The International Accounting Standards Board, IASB
  7. ^ IFRS
  8. ^ Intermediate Accounting--Kieso, et. al

1911 encyclopedia

Up to date as of January 14, 2010
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From LoveToKnow 1911

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Simple English

Assets are things that an individual or company owns. Commonly used in terms of "Asset Worth" (value). There are two types of assets: 1. Tangible assets a. Fixed assets such as buildings,equipment etc. b. Current assets such as Inventory.

2. Intangible assets e.g. goodwill, patents, trademarks, copyright, computer programs.



Citable sentences

Up to date as of December 22, 2010

Here are sentences from other pages on Asset, which are similar to those in the above article.








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