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What is considered an asset in accounting?

Asset accounting focuses on the recording and reporting of financial information related to a company’s balance sheet financial statement. The balance sheet reports all assets of a business. Accountants must accurately report this information because assets represent a portion of the total wealth or economic improvements made by the company.

What is an asset account in accounting?

Definition of asset accounts. Asset accounts are categories within the business's books that show the value of what it owns. A debit to an asset account means that the business owns more (i.e. increases the asset), and a credit to an asset account means that the business owns less (i.e. reduces the asset).

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