Tangible Assets

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Description of Tangible Assets. Explanation.

 

Tangible assetsDefinition Tangible Assets. Description.


Tangible Assets are those assets that can be seen and have a physical existence. Typical examples of tangible assets are:

  • Machinery
  • Equipment, tools
  • IT hardware
  • Inventory (stock)
  • Vehicles
  • Cars
  • Ships
  • Airplanes
  • Houses
  • Offices
  • Plants
  • Land
  • Buildings
  • Money
  • Payments owed to you

The opposite of a tangible asset is an intangible asset. Common examples of intangible assets include brands, reputation, copyrights, patents, trademarks, trade secrets, know-how, goodwill.


Accounting Treatment of Tangible Assets

  • In accounting, this type of assets should be depreciated if it has an anticipated useful life of more than one year. A process of depreciation is used to allocate part of the asset's expense to each year of its useful life, instead of allocating the entire expense to the year in which the asset is purchased.
  • Note that in accounting, accounts receivable are also considered tangible, although they are not physical.
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