Originally published: 16/03/2018 15:13
Publication number: ELQ-74907-1
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Asset Forecasting

This video covers some key concepts relating to assets.

Description
Assets are similar to expenses in that they're typically a cash outflow in exchange for a future economic benefit. What sets apart assets from expenses is where the economic benefit of an expense is usually limited to within the next 12 months, such as utility bills and wages. The economic benefits of an asset is usually longer than 12 month, such as a company car, or the costs of setting up a website. The purchase if an asset is not recorded in your profit and loss statement, but instead sits in your balance sheet where it is depreciated over its useful life.

The rest of the video covers depreciation and forecasting assets.

It will provide you with an understanding of assets and the concepts related to assets within a business.

Length: 2 minutes 37 seconds

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