What is an asset and why is it important?

[alex]

 
<p dir=”ltr” style=”line-height: 1.38; margin-top: 0pt; margin-bottom: 0pt;”><span style=”font-size: 10pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;”>Ever wonder </span><span style=”font-size: 10pt; font-family: Arial, sans-serif; color: #1155cc; background-color: transparent; font-style: normal; font-variant: normal; text-decoration: underline; text-decoration-skip-ink: none; vertical-align: baseline; white-space: pre-wrap;”>whats an asset</span><span style=”font-size: 10pt; font-family: Arial,sans-serif; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;”> and why does it matter in accounting? An asset is typically, an item belonging to a person or business that has a current value and generates future economic benefits. The term asset is defined here in the simplest terms possible as cash, property, equipment, investments or intellectual property. The definition of asset may differ slightly depending on the financial context, but the concept is the same.</span></p>

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