Overview

Assets are things that the company owns that have a value, which will be used in the future to generate cash flows. Some of the common asset accounts include the following.

• Current Assets - assets that are expected to be utilized and turned into cash within the next year (or current operating cycle) are termed current
  • Cash
  • Accounts Receivable - money owed to the company, typically from consumers purchasing the company's product on credit.
  • Prepaid Expenses
• Notes Receivable - money that is lent out in the form of loans or securities.
• Land and Buildings
• Equipment