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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 Preview

    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 ...

    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.