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Describe what is the rationale for disclosing assets separately on the balance sheet?

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Please describe what is the rationale on disclosing assets separately on the balance sheet?

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Solution Summary

The solution presents a listing and description of asset categories and explains the differences between each category. Because of the differences, the types of assets cannot be combined for reporting purposes.

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Here are pointers for you to formulate an essay.

Here are some major topics that you should discuss

a) What is an asset?
- an asset is something that a firm owns that will bring future economic benefits

b) What are categories of assets
- there are 2 categories of assets - short term and long term.

c) What are different types of assets
- this is where the ...

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