Correct Answer: There are three types of assets 1 Fixed assets : Those assets which will be used by the company for a long period of time a) Tangible assets: those assets which we can see and touch and exp Land & Buildings, Plant & Machinery,Furniture, fixtures and fittings b) Intangible assets: Those assets which we can't see and touch like Goodwill, Patents, Copyrights, Trade Mark etc 2 Current assets : Those assets which can be easily converted into cash within one year like cash in hand, cash at bank, Bills receivable, stock etc 3 Fictitious assets: its not the actual assets , its the expenditure occurred at the tine of commencement of firm ( capital expenditure )like preliminary expenses, discount on issue on debenture/shares, underwriting commission etc
