Other than cash, list and define five types of assets. What will be a

QUESTION

Other than cash, list and define five types of assets.

What will be an ideal response?

ANSWER

(1) Accounts receivable is any money that you or a business is owed. (2) Notes receivable is any money that you or a business is owed and that has a written promise for payment. (3) Fixed assets include property, manufacturing plants, and equipment. (4) Intangible assets include intellectual property or patents. (5) Inventory consists of all merchandise, raw materials, and products that have not yet been sold.