Assets are economic resources that a firm or individual owns or controls in the idea that they will offer future benefit. Assets can be classified in a variety of ways; however, the most frequent sorts of assets are:

Current assets:

Current assets are those that can be turned into cash in less than a year. Cash, cash equivalents, accounts receivable, inventory, and prepaid costs are all examples of current assets.

Fixed assets:

Fixed assets are assets with a lengthy useful life that are used to produce commodities or services. Land, buildings, equipment, and machinery are examples of fixed assets.

Financial assets:

Financial assets are assets that indicate an investment in money. Stocks, bonds, and mutual funds are examples of financial assets.

Intangible assets:

Intangible assets are assets that have value but do not have a physical form. Patents, trademarks, copyrights, and goodwill are examples of intangible assets.