{"id":78,"date":"2024-04-11T11:44:00","date_gmt":"2024-04-11T10:44:00","guid":{"rendered":""},"modified":"2025-06-30T12:48:18","modified_gmt":"2025-06-30T11:48:18","slug":"what-is-an-asset","status":"publish","type":"post","link":"https:\/\/www.thetrainingplace.org\/blog\/2024\/04\/what-is-an-asset\/","title":{"rendered":"What is an Asset?"},"content":{"rendered":"

\u00a0WHAT IS AN ASSET?<\/span><\/b><\/span><\/p>\n

Assets are things that are owned by the business which are used to produce economic value to the business in meeting its debts and other
\ncommitments. These could be classed as:<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>Non-Current assets<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>Current assets<\/span><\/p>\n

\u00a0<\/span>Non-Current assets<\/b> are things that are owned by the business over a long period of time usually for longer than one year and these assets cannot be converted to cash so easily. Examples include:<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>M<\/span>otor vehicles<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>P<\/span>roperty<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>F<\/span>urniture<\/span><\/p>\n

Current assets<\/b> are things that are owned by the business over a short period of time usually for shorter than one year and these assets are more liquid than non-current assets and are cash or can be easily converted into cash. Examples include:
\n<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>B<\/span>ank<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>D<\/span>ebtors<\/span><\/p>\n

\u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>S<\/span>tock<\/span><\/p>\n

\u00a0<\/span><\/a><\/p>\n

Your task:<\/span><\/b><\/p>\n

Identify 3 differences between current and non-current assets<\/span><\/b><\/p>\n\n\n

AAT Level 1 & 2 | The Training Place<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0WHAT IS AN ASSET? Assets are things that are owned by the business which are used to produce economic value to the business in meeting its debts and other commitments. These could be classed as: \u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Non-Current assets \u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Current assets \u00a0Non-Current assets are things that are owned by … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,24,21],"tags":[],"class_list":["post-78","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aat","category-introduction-to-bookkeeping","category-level-2"],"yoast_head":"\nWhat is an Asset? - The Training Place Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thetrainingplace.org\/blog\/2024\/04\/what-is-an-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is an Asset? - The Training Place Blog\" \/>\n<meta property=\"og:description\" content=\"\u00a0WHAT IS AN ASSET? Assets are things that are owned by the business which are used to produce economic value to the business in meeting its debts and other commitments. These could be classed as: \u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Non-Current assets \u00b7\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Current assets \u00a0Non-Current assets are things that are owned by ... 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