Is Money An Asset In Accounting

Money in Accounting is an Asset if it is owned and controlled by the enterprise and provide probable future economic benefits to the business. It is found in the form of gold, metal, currencies, e-currencies, cheques /checks and other medium of exchange.

The most widely used form of money used in accounting is Currency that is found in the form of Cash in the world of accounting and that may be in Hand or at Bank. Cash in Hand is called Cash Account while Cash At bank is called bank account. Cash in Hand & Bank just shows you a position of cash either in the possession of a company’cashier or in the bank account of company opened in a bank.