Asset

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Those items which are owned by the organization or are due to the organization.

These include bank accounts, vehicles, buildings, equipment, furnishings, stocks, bonds, etc.

Assets can be broken down to the following categories:

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Fixed Assets refer to equipment, buildings, vehicles, furnishings, etc.

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Current Assets refer to cash, money in the bank, debtors, etc.

·

Non-Current Assets refer to any assets which don't easily fit into the previous categories.

Asset accounts have "debit" balance.