Accounting glossary
What is asset?
Anything your business owns that has value: cash, inventory, receivables, equipment, vehicles. Assets sit on the left side of the balance sheet and are classified as current (turning to cash within a year) or fixed (held long-term to run the business).
Example
A store holds $95,000 of stock, $14,000 in the bank, $22,000 owed by account customers and a $30,000 van. Those are all assets, totalling $161,000.
The stock, cash and receivables are current assets (expected to become cash within a year); the van is a fixed asset held to run the business.
In SeroBooks
The Balance Sheet reads assets live from the ledger; the fixed-assets register tracks the long-term ones. Financial statements →