An asset is a possession that has value in an exchange and can be classified as ________.

Name: An asset is a possession that has value in an exchange and can be classified as ________.
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An asset can be classified as either tangible (such as property, equipment, or inventory) or intangible (such as patents, trademarks, or goodwill). Financial and variable are not appropriate classifications for assets, and fixed refers specifically to fixed assets such as buildings or machinery.

An Asset Is a Possession That Has Value in an Exchange