Accounting Dictionary - Accounting Terms & Definitions
A: Asset
Asset is a resource of the business which is expected to bring economic value and benefits in the future accounting periods and which can be reliably measured in monetary items.
So Asset is recognized in the accounting only when it is valuable by expected benefits it can bring in the future and it has monetary value, which can be estimated and expressed reliably. Depending on the period through which assets will bring benefits, they can be short-term (consumed within a year) and long-term (consumed within period of time longer than one year.
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