What is The Main Purpose of Assets

The Main or Primary Purpose of Assets is to show the resources owned and controlled by the entity during the life time of a business. These provide probable future economic benefits that will flow to the business over time.

Types of Assets include Current Assets, Non Current Assets / Fixed Assets and Contingent Assets.

Assets are used in the business to operate the business operations such as Furniture, Plant & Machinery, Office Equipment, etc

Assets are equal to Liabilities plus Equity as shown by the Accounting Equation shown below:

Assets = Liabilities + Equity