Assets

1)Fixed Asset :- Expenses which is paid for generating income for more than one financial year e.i. Plant & Machinery, Building, Furniturea)Tangible Asset :- asset which can be physicaly massured and touch e.i. These include things such as land, buildings, equipment, leaseholds on equipment, vehicles, signs, and furniture and fixtures.b)Intangible Asset :- asset which can't physicaly massured and touch. These can include goodwill, patents, registered or trademarked names, and even telephone numbers, intellectual property, and websites if you ever plan on selling your business. Its easier to place a value on and depreciate tangible fixed assets versus intangible fixed assets.

2)Current Asset :- Aseet which can be eassily converted in cash e.i.cash in hand, cash at bank, stock3)Fictitiousassets:its not the actual assets , its the expenditure occurred at the time of commencement of firm ( capital expenditure )like preliminary expenses, discount on issue on debenture/shares, underwriting commission etc.

Infinancial accounting, anassetis an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positiveeconomic valueis considered an asset