Assets

• Assets are resouces that the business owns & uses to generate income.
• There are 2 kinds of assets:

  1. Non Current
  2. Current
• Non current assets are bought with intention of keeping/using for 12 months or longer. E.g. land and vechiles
• Cuurent Assets are bought with the intention of using/selling within a period of less than 12 months. E.g. Trading inventory
• Assets = Owners equity + liabilities
• Assets increase when you debit
• Assets decrease when you credit
• Bank is an asset
• Debtors is an asser
• Land & Buildings is an asset
• Trading stock is an assset
• Savings accounts is an asset
• Equipt is an asset
• Fixed Deposit is an asset
• Vechiles is an asset
• Petty cash is an asset
• Cash Float is an asset