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    Asset accounts described in detail

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    Definition of assets and a list of common asset accounts

    © BrainMass Inc. brainmass.com February 24, 2021, 2:21 pm ad1c9bdddf

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    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.