"Question. \r\nYou are required to explain below accounting term precisely so that a new learner can understand easily.\r\nNote: I need solution of this urgently. Content should be your own. \r\n1. Tangible Assets:\r\n2. Intangible Assets:\r\n3. Fixed Assets:\r\n4. Current assets:\r\n5. Fictitious Assets:\r\n6. Wasting Assets:\r\n7. Contingent Assets:\r\n\r\nTable of Contents\r\nTangible Assets:\t2\r\nIntangible Assets:\t2\r\nFixed Assets:\t2\r\nCurrent assets:\t2\r\nFictitious Assets:\t3\r\nWasting Assets:\t3\r\nContingent Assets:\t3\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nTangible Assets:\r\nA tangible asset is physical property that can be seen, felt or touched for example; machinery, vehicles, and buildings inventory etc. This type of asset has its own shape, volume and size. It does not mean that all tangible assets are fixed assets; tangible asset can be current asset also such as stock. Stock has its shape, volume and physical existence also.\r\n\r\nIntangible Assets:\r\nAsset that has no physical existence, that can’t be seen, felt or touched are classified as intangible asset. For example; Patent, Goodwill, copyright, trademarks etc. \r\nThis type of asset normally classified as fixed asset.\r\n\r\nFixed Assets:\r\nFixed Assets are that which acquired for long-term use in the business. These assets are acquired as a main tool for manufacturing or operating business smoothly and require more investment in comparison to other type of assets. For example; machinery, plant, furniture and building etc.\r\n\r\nCurrent assets:\r\nAssets that are in form of cash or can be realized in cash within one year are known as current assets. These assets are normally kept for the purpose of discharging short term liabilities or for meeting business working expenses. For example; cash, debtors, B.R, stock etc.\r\n\r\nFictitious Assets:\r\nThese are not a type of asset like fixed or current. These are the past accumulated losses that are taken a shape of big amount and not written off yet from profit and loss account of an enterprise. These are depicted on the assets side of a business as unwritten off portion of losses. For example; discount on issue of securities, preliminary expenses and debit balance of profit and loss account.\r\n\r\nWasting Assets:\r\nNatural assets, those having quantitative limits are known as wasting assets. These assets lost its existence after a period of time due to continuous use. For example excavation of mineral and cutting of forest ends life of these natural resources after a certain period of time. \r\n\r\n"