i. Definition of an Asset:
An asset is a resource controlled by an entity as a result of past events, from which future economic benefits are expected to flow to the entity.

ii. Conditions to be Satisfied for an Asset to be Termed a Current Asset:
An asset is considered current if it meets any of the following conditions:

1. It is expected to be realized in, or intended for sale or consumption in, the entity’s normal operating cycle.
2. It is held primarily for the purpose of being traded.
3. It is expected to be realized within twelve months after the reporting period.
4. It is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

iii. Examples of Assets:

• Current Assets:
  1. Cash and Cash Equivalents
  2. Trade Receivables
• Non-Current Assets:
  1. Property, Plant, and Equipment
  2. Intangible Assets