2.1 Assets

Introduction

Assets are resources control by company which has future economic benefit. Asset can be found in the balanced sheet of the company. There are two main type of assets:

2.1.1)           Current Asset

2.1.2)           Non Current Asset

2.1.1               Current Assets

Current assets are the assets held primary for trading or expected to be sold or converted into cash within one year or one business cycle, whichever is greater. Current asset are as follows:

2.1.1.1                   Inventories

2.1.1.2                   Trade receivable

2.1.1.3                   Asset available for sales

2.1.1.4                   Cash and bank balance

2.1.1.5                   Defer tax asset

2.1.2               Non Current Assets

Non current assets are the assets not expected to be sold within one year or one business cycle, whichever is greater. Non current assets also known as long term assets or long lived assets. Non current assets are as follows:

2.1.2.1                   Property, plant and equipment

2.1.2.2                   Investment properties

2.1.2.3                   Investment in associate

2.1.2.4                   Goodwill and intangible asset

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