Asset accounts described in detail
Not what you're looking for? Search our solutions OR ask your own Custom question.
Definition of assets and a list of common asset accounts
© BrainMass Inc. brainmass.com December 24, 2021, 4:54 pm ad1c9bdddfhttps://brainmass.com/business/long-term-assets/asset-accounts-described-detail-15343
Solution Preview
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 ...
Solution Summary
A definition of assets are provided. A list of common asset accounts are given.
$2.49