Accounting divides your company assets into two classes: current and long-term. Current assets include cash and anything you use up or convert to cash over the next 12 months. Typical examples are ...

Learn what basis value is, how to calculate it, and see examples to understand its role in reducing tax burdens on fixed ...

In simple words, an asset is something of value that you own and can convert to cash. Your car is an asset and so is your house because you could sell either one and receive its value in cash.

These are examples of assets not normally easily disposed of. Key Takeaway: Formally, if an asset isn't expected to be cashable within a year, it isn’t considered a current asset. In business, a ...