Assets: Items that are owned by an organisation.
Non-Current Assets: Resources that can be used repeatedly in the production process, although they do wear out (depreciate) or lose value, for example, land, buildings, machinery and vehicles.
Tangible Assets: Non-current (fixed) assets that exist physically.
Intangible Assets: Non-current assets that do not have a physical presence, but are nevertheless of value to a firm (e.g. a brand name or patent).
Current Assets: Short term items that circulate in a business on a daily basis and can be expected to be turned into cash within 1 year.
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