Examples of assets
/What are Assets?
An asset is something that is expected to yield a benefit in a future period. If an asset is expected to be entirely consumed within the current period, then it is instead charged to expense in that period. In a business, assets are aggregated into different line items on the balance sheet .
Examples of Tangible Assets
Examples of assets that are found on the balance sheet are as follows (presented in alphabetical order):
-
Bond investments
-
Building fixed assets - includes the interest cost incurred during construction.
-
Cash - includes the cash in all savings and checking accounts, plus petty cash.
-
Certificate of deposit investments
-
Commercial paper investments
-
Computer equipment fixed assets
-
Computer software fixed assets
-
Finished goods inventory - is reduced by any reserve for obsolete inventory.
-
Furniture and fixture fixed assets
-
Land fixed assets
-
Leasehold improvement fixed assets - can be quite short term, since the asset only lasts until the lease expires.
-
Loans receivable from employees - is reduced by any reserve for loans unlikely to be paid.
-
Machinery fixed assets
-
Money market investments
-
Non-trade receivables - is reduced by a reserve for any receivables unlikely to be paid.
-
Notes receivable - is reduced by a reserve for any notes unlikely to be paid.
-
Office equipment fixed assets
-
Parts and supplies
-
Stock in other companies
-
Tools
-
Trade receivables - is reduced by a reserve for any receivables unlikely to be paid.
-
Vehicles fixed assets
-
Warrants to purchase shares
-
Work-in-process inventory - is reduced by any reserve for obsolete inventory.
Related AccountingTools Courses
Examples of Intangible Assets
Some fixed assets are classified as intangible , and are recorded on the balance sheet within a separate line item. These items are either purchased or obtained as part of an acquisition. Any internally-generated intangible assets are charged to expense as incurred; there is no recorded asset. Examples of these intangible assets are:
-
Brand names
-
Broadcast licenses
-
Copyrights
-
Domain names
-
Easements
-
Film libraries
-
Franchise agreements
-
Landing rights
-
Licenses
-
Mineral rights
-
Patents
-
Permits
-
Royalty agreements
-
Supplier contracts
-
Trademarks
Examples of Non-Recognized Assets
Some assets are not found on the balance sheet, typically because they are internally-generated assets or valuable processes that the accounting standards do not allow an organization to recognize as assets. Examples of these non-recognized assets are:
-
Internal quality control processes
-
Internal research and development processes
-
Staff training investments
-
The value of a brand image