Chapter 15. Recording Your Assets

Anything your company owns that has value is considered to be an asset. Assets can be used in the production of income and they are available to pay your company's debts. They include cash, investments, receivables, inventory, prepaid amounts, and fixed assets.

Fixed assets are belongings of yours that are expected to last for more than a year and that are used for the production of goods and services including such items as buildings, furniture, farm animals, vehicles, machinery, land, and mineral resources. ...

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