• Assets are economic resources of an enterprise that can be usefully expressed in monetary terms.
  • Assets are items of value used by the business in its operations.
  • For example, Super Bazar owns a fleet of trucks, which is used by it for delivering foodstuffs; the trucks, thus, provide economic benefit to the enterprise.
  • This item will be shown on the asset side of the balance sheet of Super Bazaar.
  • Assets can be broadly classified into two types: Current and Noncurrent. 

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