Asset (Expanded)

Explanation: An asset is anything of value or a resource of value that can be converted into cash. Assets are owned by a company and can be classified as either current (short-term) or non-current (long-term).

Example: For a small tech startup, assets include office equipment, computers, and software.

Potential Issues: Incorrect valuation or mismanagement of assets can lead to financial losses, impaired ability to raise capital, and issues with financial reporting.