Total assets and Total Stockholders' Equity will decline by the same amount upon recognition of Depreciation Expense.
Any resource that a business or other economic entity owns or controls is referred to as an asset. Anything that can be used to create wealth, whether it be material or intangible, qualifies. The ownership values of assets are those that can be converted into money (although cash itself is also considered an asset). A company's balance sheet displays the monetary value of the assets it possesses. It contains cash and other assets that are personal or corporate property.
Tangible and intangible assets are the two basic types of assets. Tangible assets can be divided into several different categories, including current assets and fixed assets. Examples of current assets include cash, inventory, and accounts receivable. Among fixed assets include land, structures, and equipment.
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