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Asset accounts described in detail

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Definition of assets and a list of common asset accounts

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Solution Summary

A definition of assets are provided. A list of common asset accounts are given.

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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 ...

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