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"assets is anything of value "is this statement right or wrong concerning accounting? first of all answer in right or wrong then explain it.
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Most Upvoted Answer
"assets is anything of value "is this statement right or wrong concer...
Wrong.
Explanation:
Assets are not just anything of value; they are resources owned or controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. In accounting, assets are recognized and recorded on the balance sheet.
Assets can take various forms, such as cash, accounts receivable, inventory, property, plant, and equipment, investments, and intangible assets like patents and trademarks. These resources have specific characteristics and are subject to certain criteria for recognition and measurement.
The statement mentioned in the question oversimplifies the concept of assets and fails to acknowledge the criteria and requirements for something to be considered an asset in accounting. Merely having value does not automatically classify something as an asset.
Assets are essential for businesses as they provide the means to generate revenue and create value. They are typically categorized into current assets (those expected to be converted into cash or consumed within a year) and non-current assets (those intended for long-term use).
In summary, assets in accounting are not just anything of value; they are specific resources that meet certain criteria and are expected to bring future economic benefits to the entity.
Explanation:
Assets are not just anything of value; they are resources owned or controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. In accounting, assets are recognized and recorded on the balance sheet.
Assets can take various forms, such as cash, accounts receivable, inventory, property, plant, and equipment, investments, and intangible assets like patents and trademarks. These resources have specific characteristics and are subject to certain criteria for recognition and measurement.
The statement mentioned in the question oversimplifies the concept of assets and fails to acknowledge the criteria and requirements for something to be considered an asset in accounting. Merely having value does not automatically classify something as an asset.
Assets are essential for businesses as they provide the means to generate revenue and create value. They are typically categorized into current assets (those expected to be converted into cash or consumed within a year) and non-current assets (those intended for long-term use).
In summary, assets in accounting are not just anything of value; they are specific resources that meet certain criteria and are expected to bring future economic benefits to the entity.
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"assets is anything of value "is this statement right or wrong concerning accounting? first of all answer in right or wrong then explain it. Related: Books Of Original Entry-Special Purpose Subsidiary Books (Part - 1)?
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