assets

Definition:
Resources of the company which have the following properties: (a) legally belong to the company, (b) have real or perceived future benefits, (c) the benefits must be exclusive to the time or service (d) the item must have been acquired as a result of a transaction of the firm. Assets can be classed as fixed or current. Fixed assets refer to such items as buildings, machinery and fixtures and fittings. Current assets refer to such items as cash, STOCK and debtors.

Cross-References:
[stock]

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