Asset and Inventory

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Asset and Inventory

Asset vs. Inventory

In financial accounting, an asset is an economic resource. Inventory (American English) or stock (British English) is the goods and materials that a business holds for the ultimate goal of resale (or repair).

Asset

In financial accounting, an asset is an economic resource.

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Balance sheet

In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.

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Business

Business is the activity of making one's living or making money by producing or buying and selling products (goods and services).

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Current asset

In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle (whichever period is longer).

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Financial accounting

Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business.

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Insurance

Insurance is a means of protection from financial loss.

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Lower of cost or market

Lower of cost or market (LCM or LOCOM) is a conservative approach to valuing and reporting inventory.

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Management accounting

In management accounting or managerial accounting, managers use the provisions of accounting information in order to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions.

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Nonprofit organization

A non-profit organization (NPO), also known as a non-business entity or non-profit institution, is dedicated to furthering a particular social cause or advocating for a shared point of view.

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Working capital

Working capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organisation or other entity, including governmental entities.

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