References cited correspond to the author's Bibliography on Railroad Land Grants History isn't dead; it's not even past.
Formal definition[ edit ] An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity  Framework Par 49a.
Characteristics[ edit ] One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board. The probable present benefit involve a capacity, singly or in combination with other assets, in the case of profit oriented enterprises, to contribute directly or indirectly to future net cash flowsand, in the case of nonprofit organizationsto provide services; The entity can control access to the benefit; The transaction or event giving rise to the entity's right to, or control of, the benefit has already occurred.
Employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Framework's definition of an asset. Resources that are expected to yield benefits only for a short time can also be considered not to be assets, for example in the USA the 12 month rule excludes items with a useful life of less than a year.
Similarly, in Economic analysis of timberland an asset is any form in which wealth can be held. There is a growing analytical interest in assets and asset forms in other social sciences too, especially in terms of how a variety of things e.
The accounting equation is the mathematical structure of the balance sheet. It relates assets, liabilities, and owner's equity: On a company's balance sheet certain divisions are required by generally accepted accounting principles GAAPwhich vary from country to country.
Assets are formally controlled and managed within larger organizations via the use of asset tracking tools. These monitor the purchasing, upgrading, servicing, licensing, disposal etc.
Current asset Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle whichever is longerwithout disturbing the normal operations of a business. These assets are continually turned over in the course of a business during normal business activity.
There are 5 major items included into current assets: Cash and cash equivalents — it is the most liquid assetwhich includes currencydeposit accountsand negotiable instruments e.
Short-term investments — include securities bought and held for sale in the near future to generate income on short-term price differences trading securities. Receivables — usually reported as net of allowance for non-collectable accounts.
Inventory — trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower.
This is known as the " lower of cost or market " rule. Prepaid expenses — these are expenses paid in cash and recorded as assets before they are used or consumed common examples are insurance or office supplies.
See also adjusting entries. Securities that can be converted into cash quickly at a reasonable price. The phrase net current assets also called working capital is often used and refers to the total of current assets less the total of current liabilities.
Long-term investments[ edit ] Often referred to simply as "investments". Long-term investments are to be held for many years and are not intended to be disposed of in the near future. This group usually consists of three types of investments: Investments in securities such as bonds, common stock, or long-term notes.
Investments in fixed assets not used in operations e. Investments in special funds e. Different forms of insurance may also be treated as long term investments. Fixed asset Also referred to as PPE property, plant, and equipmentthese are purchased for continued and long-term use in earning profit in a business.City Calendar.
The November 8, Lodging Tax Advisory Committee (LTAC) meeting is continued to Weds., November 14, , at p.m., at the Yelm Public Safety Building, McKenzie Avenue, Yelm WA Click here for the meeting agenda.
Welcome to the Georgia Forestry Commission. The Georgia Forestry Commission (GFC) is a dynamic state agency responsible for providing leadership, service and education in the protection and conservation of Georgia's forest resources.
Meet HNRG's Executive Team. Charles Amalfi Chief Financial Officer, Hancock Natural Resource Group Australia. Industrial timberland ownership impacts on forest industry competitiveness This project exaimines the effect of regulatory taking and forest certification on sustainable forest management, explore the political economy of U.S.
forest products trade policy, and appraise various theories and seek empirical evidences on industrial timberland . SWOT Analysis for Hookah House in Australia - Introduction Hookah and shisha is a product that has been increasing in popularity in other parts of the world, but hasn’t really penetrated Australian sores (Brockman, ).
LUFKIN, Texas — Angelina Forest Products, LLC recently announced plans to open a $ million sawmill in Lufkin, Texas. The softwood mill is expected to be in place by spring of , creating full-time jobs and contributing $52 million to the Texas economy in its first year.