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HumanBookkeeping.com™ can help. We are expert bookkeepers that can help your small business with its bookkeeping needs. Here’s a short explanation of what Asset means. If we can be of more help explaining what an Asset is or if we can help you with any of your small business bookkeeping needs, give us a call at 888-552-6657(888-55Books).HumanBookkeeping.com™ provides a way for small businesses to have outsourced bookkeeping at a significant savings. We provide our clients with pre-printed envelopes. You stuff the envelopes and our expert team does the rest with detailed reports and timely compliance support. Not to mention, you now have a team of experts at your disposal should you have questions or last-minute needs. Let’s start with answering what Asset means:The FASB has created a very specific definition of an asset.

“An asset of an entity is a present economic resource to which, through an enforceable right or other means, the entity has or can limit the access of others.”

  • By present, the FASB refers to the time of the financial statement.
  • The FASB defines economic resource as an item that can generate cash inflows and or reduce cash outflows, either directly or indirectly.
  • Enforceable right is the legal right, or right enforceable by other means.
Need more information or help? Don’t hesitate to give us a call right now at 888-55Books.
All initial consultations are free. Call a Helpful Human today!”[Back to Accounting Terms]