Assets Flashcards
1
Q
What are assets?
A
Resources of value owned by a business entity
2
Q
What are fixed assets?
A
Things owned by a business intended for long term use such as buildings machinery and vehicles
More that 1 year life
3
Q
What are current assets?
A
Cash plus other assets such as stock, debtors and prepayments which management intend to convert into cash or consume within 1 year.
