What is asset means?

An asset is something that provides a current, future, or potential economic benefit for an individual or other entity. An asset is, therefore, something that is owned by you or something that is owed to you. Therefore, a $10 bill, a desktop computer, a chair, or a car are all assets.

What items are considered assets?

Assets are items of economic value, which are expended over time to yield a benefit for the owner. If the owner is a business, these assets are usually recorded in the accounting records and appear in the balance sheet of the business. Typical categories in which these assets may be found include cash, marketable securities, accounts receivable, prepaid expenses, inventory, fixed assets, intangible assets, goodwill, and other assets.

How do you start an asset?

Start where you’ve got some urgent needs or some problems and do some inventory or some condition assessment or maybe some work history and gather that up. Do a little study on that, and that will get you going. It will help you get the systems and processes in place to start your asset management.