ASSET

Anything which has a ‘money value’ owned by an individual or a firm is an asset. It is of three types:

(i) Tangible Asset: All physical assets such as land, machinery, building, consumer durables (refrigerator, car, TV, Radio, etc.), etc. (the assets which are in the material form).

(ii) Intangible Assets: All non-physical/immaterial assets such as brand names, good-will, credit-worthiness, knowledge, know-how, etc.

(iii) Financial Assets: All financially valid valuables other than tangibles and intangibles such as currencies, bank deposits, bonds, securities, shares, etc.