Assets
Assets are resources, either tangible or intangible, with possible future economic benefits owned or controlled by the entity as a result of past transactions. Simply stated, assets are the resources that can be used to operate in the future. Based on the function of time and intention of management, assets can be categorised into current assets and non-current assets. Current assets are liquid assets that will be used or converted into cash within one year. Non-current assets are fixed assets that are difficult to be turned into cash.
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