Please describe what is the rationale on disclosing assets separately on the balance sheet?© BrainMass Inc. brainmass.com March 4, 2021, 5:55 pm ad1c9bdddf
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 ...
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.