Definition of assets and a list of common asset accounts
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 ...