ASSETS-A COMPANY'S BACKBONE

As backbone gives support and shape to the  human body similarly ' Asset' gives a crucial support to the business firm.

Now let's discuss what an Asset  actually mean in the business world:

• In simple language an asset is something  which someone can own.
• In accounting,asset is something which can be owned and controlled by businesses to  produce value in terms of profit & wealth.

  In order to understand the significance of  Assets let's know it's types in field  of Accounting:

Now let's understand it's accounting treatment-