Expense

A cost which is allocated to accounting period is called expense. For example; Wages, salaries, marketing expense, Insurance expense, telephone bill, electricity bill

OR

A part of expenditure whose benefit is received during accounting period. For example: Depreciation, Amortization, Depletion etc

Intangible Assets

Assets which are used in the operation of the business but have no physical existence and non current assets are called intangible assets.

For example: Patents, Copyrights, Trademarks, Preliminary expenses

Tangible Assets / Fix Assets

The term “Tangible Assets” describe physical assets Assets are economical resources that provide benefit to the organization in future are called assets. . 

For example: Plant, Machinery, Furniture, Land, Building

Current Assets

Assets which are convertible into cash in one year are called current assets. For Example: Cash, Account Receivable

Types of Assets

CurrentAssets

TangibleAssets / Fix Assets 

Intangible Assets

Assets

Assets are economical resources that provide benefit to the organization in future are called assets. For example: Plant, Machinery, Furniture, Land, Building,

Types of Assets

Current Assets

Tangible Assets / Fix Assets

Intangible Assets

Liabilities

The debt or obligations of business which are payable during short or long time are called liabilities.

For example: Goods purchased on credit for Rs. 5000. The amount Rs. 5000 is payable in future is liability of the business.