1. owned by the business with the
purpose of using it for generating
futureprofits. Assets can be
Tangible and Intangible. Tangible
Assets are the Capital assets which
havesome physical existence. e.g.
Plant and Machinery,Furniture and
Fittings, Land and Buildings, Books,
Computers, Vehicles, etc. The
capital assets whichhave no
physical existence and whose value
is limited by the rights and
anticipated benefits thatpossession
confers upon the owner are known