Talk:Asset

Definition of Asset

I entered a technical definition of asset to correct the previous conflation with "ownership," and emphasize that it is not "ownership" that defines an asset, (that relates to the related concept of "equity"), but "control" is the determinative factor (that excludes, in an accounting sense, any reference to legal control). --Lance6968 22:38, 5 October 2006 (UTC)[reply]

Well yes, you are, as usual, quite correct. One should not confuse an asset with the manner in which it is financed. Lance, your contributions to Wikipedia enhance human knowledge; and on behalf of all persons living and yet unborn, I hail you; may you enjoy a long life filled with many splendid things and adventures; and may Divine Providence shine upon you and all that you endeavor to do and give happy effect to.

Merge Asset Class

Should asset class be merged into Asset? Avi 22:18, 12 January 2006 (UTC)[reply]

There is no Asset Class article. Asset class is a redirect. What do you want to merge exactly? Renata 05:05, 13 January 2006 (UTC)[reply]

I'm sorry, I meant Asset classes Avi 14:58, 13 January 2006 (UTC)[reply]

Well, any other suggestions? Avi 18:11, 17 January 2006 (UTC)[reply]

Merged Avi 22:03, 17 January 2006 (UTC)[reply]

Good job. Just next time, be bold! Renata 23:52, 17 January 2006 (UTC)[reply]

"Asset class" is a term of Canadian tax law wherefrom the cost of prescribed assets are added. Tax depreciation, called "capital cost allowance," is then deducted from the "asset class" balance using a "declining balance method." "Asset class" in Canada is exclusively a legal term defined without reference to the accounting or economic sense of "asset."--Lance6968 22:38, 5 October 2006 (UTC)[reply]

Merge

Merge it.(anon)

Yeah, merge it.HereToHelp 12:22, 13 October 2005 (UTC)[reply]

Are shoes an asset class?

1. Features of an asset class: Flow of benefits? YES Can be excahnged for cash? YES Is the result of a monetary transaction? YES Can provide tangible or intangible benefits? YES

future economic benifit? No, unless planning on reselling. For most people shoes are an expense. Although, it also can be argued that they do (i.e. you need shoes to go to work). In that case I would call them a fixed asset or long term asset (because they are held for more than 1 year).

2. http://news.bbc.co.uk/1/hi/world/asia-pacific/1173911.stm Imelda Marcos owned lots of assets. She converted many of these to shoes. Ergo, shoes are an asset class.

Please add your discussion on this matter!

Shoes are an asset I suppose, but they are too trivial IMO to be called an asset class. MatthewKarlsen 11:05, 23 December 2005 (UTC)[reply]

Shoes aren't securities, though. Rhobite 15:37, 13 January 2006 (UTC)[reply]

If some sort of secondary market exists for shoes where I'm not aware of, then yes, shoes would indeed be an asset class. Make sure to disclose them.

There are 5 major items included into current assets:

  1. Cash - it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (e.g., money orders, checks, bank drafts).
  2. Short-term investments - include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities).
  3. Receivables - usually reported as net of allowance for uncollectible accounts.
  4. Inventory - trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower. This is known as the "lower of cost or market" rule.
  5. Prepaid expenses - these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance). See also adjusting entries.

Shouldn't #3 read: " 3. Receivables - usually reported as net of allowance for UNCOLLECTED accounts."?

No, it's right. What you said doesn't makes sense, though, because all receivables are uncollected.

asset price inflation

I think sth should be said more clearly opposing assets to goods and asset price inflation to consumption goods inflation