INVESTING: Assets checklist (printable)
Assets is an often used term in accounting and financial reporting. Often times what an asset really is can be misunderstood.
* Assets are economic resources owned by a business
* They can be tangible or intangible
* A tangible asset is something that can be see or touched
* An intangible asset is something worth value but not a physical asset, such as a trademark
* Firms show their listing of assets by category on a Balance Sheet
* Assets are typically grouped as Current and Non Current
* Current assets usually consist of Cash, Accounts Receivable, Inventory, Short Term Notes
* Non Current assets usually consist of Long Term Receivables, Fixed Assets, Patents, Trademarks
* Depending on the type of business, cash, inventory or fixed assets are usually the largest assets
* Reducing Accounts Receivable is a positive direction, as it means clients who owed are now paying
* On the Balance Sheet, total Assets must always equal total Liabilities plus total Equity
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