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ACCOUNTING Units 1 & 2 Transition Reintroduction to Accounting Elements ASSETS An asset is a present economic resource controlled by the entity as a result of past events that has the potential to
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Asset accounts are types of accounts that represent the resources owned by a business, such as cash, inventory, equipment, and investments.
Businesses of all sizes and types are required to file asset accounts as part of their financial reporting.
Asset accounts are typically filled out by recording the value of each asset owned by the business and categorizing them correctly.
The purpose of asset accounts is to track and monitor the resources of a business, providing valuable information for decision-making and financial analysis.
Asset accounts must report the value of each asset, any changes in value, and how they are being utilized within the business.
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