What does Asset mean?

Assets can be defined as a source for maximisation of wealth owned by converting the value of such items that can be converted into cash or its equivalent. Assets can be classified as Tangible and Intangible. Tangible assets include any physical asset such as cash in hand or bank, and fixed assets like include Plant and Machinery, Land and building, items that will continue to generate funds. Intangible assets cannot be valued as they only add up the advantage of company in market. Intangible assets can include Goodwill, trademarks, patents etc.

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