Something that have value is called assets, assets are the resources such as land,building,furniture.
assets are futher divided into two types.
1- Tangible Assets
2- Intangible assets
Tangible Assets – Aseets which pysically exisit and we can see and touch it are the tangible assets. For example – Land,building,cars,furnitures,computers etc.
Tangible Assets are further divided into two parts.
Current Assets – Assets can be easily converted into cash within a year called current assets.E,g, Gold,Inventory,bonds etc
Non-Current Assets – Assets can’t be converted into cash withing a year called non-current assets .E.g land,buidlign etc
Intangible Assets – Assets without physical exisitence are called Intangible assets. For example, goodwill,brand image
of the company.