Assets in accounting are the overall assets owned by the company and are usually found on the left-hand side of the balance sheet. Types of Assets in accounting include the Current Assets and Long-Term Assets. Current Assets are expected to consumed, sold or converted into cash within one business year and it includes the cash and cash equivalents, inventory, accounts receivables, marketable securities etc. However, the long-term assets include the property plant and equipment, intangible assets and goodwill.
Top topics that we discuss in the section on Assets in accounting are as follows -
What are the types of Assets in Accounting?
What is included in cash and cash equivalent (along with its list)
What is Restricted Cash?
What are the types of Inventory (Raw Material, Work in Progress and Finished Goods Inventory)
Inventory Valuation using First in First Out (FIFO) and Last in First Out (LIFO)
What is accounts receivables factoring and how it is useful?
What is an allowance for doubtful accounts?
What are accrued revenues and why it is an asset?
What are prepaid expenses and why it is classified as Assets in Accounting?
What are Tangible Assets and Intangible Assets in Accounting?
What is the concept of Goodwill and negative goodwill?
FIFO stands, First Out which implies that the inventory which was added first to the stock will be removed from stock first, whereas LIFO stands, First Out which implies that the inventory which was added last to the stock will be removed from the stock first.