ASSET Definition

Bookmark and Share

ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

Learn new Accounting Terms

ACQUISITION COST is the amount, net of both trade and cash discounts, paid for property, plus transportation costs and ancillary costs.

MCS see MATERIAL CONTROL SYSTEM.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.