Define the term assets and give two examples of the assets which your business needs
Assets are resources owned by a business that hold economic value and can be used to generate revenue.
Two examples of assets that a business may need are:
1. Physical assets - such as property, equipment, machinery, and vehicles. These assets are essential for the day-to-day operations of a business and help in the production of goods or services.
2. Financial assets - such as cash, accounts receivable, and investments. These assets provide liquidity to the business and can be used to meet short-term financial obligations or invest in future growth opportunities.