Current assets: These are cash as well as assets that can be converted into cash, or consumed within a year or within an operating cycle.
Fixed assets: These assets, such as tools, machinery, land, buildings and furniture, are purchased with the sole aim of generating profits. Fixed assets, also called PPE (property, plant and equipment), are purchased for long term use.
Types of Assets: Intangible
Intangible assets are not present in the physical form, which makes it very difficult to evaluate them. Thus, these assets cannot be bought and sold at fair value. These assets include: