Definition of assets and a list of common asset accounts© BrainMass Inc. brainmass.com December 24, 2021, 4:54 pm ad1c9bdddf
ASSETS are what the business has or owns. Following are some common asset accounts:
Cash is money the business has on hand and in the bank.
Accounts Receivable is the amoun t of money customers owe the business for goods or services.
Inventory is the cost of goods a business buys to resell.
Prepaid Expenses is a category of accounts that summarize things that the business pays for in advance, to use in the near ...
A definition of assets are provided. A list of common asset accounts are given.