<P> In financial accounting, an asset is an economic resource . Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset . Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). </P> <P> The balance sheet of a firm records the monetary value of the assets owned by that firm . It covers money and other valuables belonging to an individual or to a business . One can classify assets into two major asset classes: tangible assets and intangible assets . Tangible assets contain various subclasses, including current assets and fixed assets . Current assets include inventory, while fixed assets include such items as buildings and equipment . </P> <P> Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace . Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks . </P> <P> An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity (Framework Par 49a). </P>

Which type of asset has a non-physical form