By definition, assets are resources or things of value that are owned by a company. Some examples of assets which are obvious and will be reported on a company's balance sheet include: cash, accounts receivable, inventory, investments, land, buildings, and equipment.

 

However, Asset Infinity is a Fixed Assets Management Application. Therefore, assets in our case would mean assets that are not consumed or sold during the normal course of business, such as land, buildings, equipment, machinery, vehicles, and other such items.


Fixed assets enable their owner organization to carry on its operations and assist in accomplishing the chosen work. Also, for the application, fixed does not necessarily mean immovable assets. That is, any asset expected to last, or be in use for, more than a few days is considered a fixed asset. 


The following are examples of general categories of fixed assets:

  • Buildings
  • Computer equipment
  • Computer software
  • Furniture and fixtures
  • Intangible assets
  • Land
  • Leasehold improvements
  • Machinery
  • Vehicles


Fixed assets are initially recorded as assets, and are then subject to the following general types of accounting transactions:

  • Periodic depreciation (for tangible assets) 
  • Impairment write-downs (if the value of an asset declines below its net book value)
  • Disposition (once assets are disposed of)

Source: http://www.accountingtools.com/

· Pe