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WHAT ARE THE TYPES OF ASSETS
The valuable things owned by the business are called assets. Assets are the economic resources of an enterprise which can be expressed in monetary terms. According to Prof. R N Anthony, "Assets are valuable resources owned by a business which are acquired at a measurable money cost." Example: Plant and Machinery, Land and Building, etc. There are mainly two types of assets.

1. Fixed assets - Assets which cannot be converted into cash immediately are called fixed assets. Eg: Land, Machine, etc. In other words, assets which are acquired for long term use in the business are called fixed assets. These assets are not meant for sale.

2. Current assets - Assets which can be easily converted into cash are known as current assets. Eg: Stock, Balance receivable, etc. These assets, also known as circulating, fluctuating or floating assets change their values constantly. 


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