Tangible Asset

Definition: a Tangible Asset is an asset type that can be seen and has a physical existence. Typical examples of tangible assets are: machinery, equipment, tools, IT hardware, inventory (stock), vehicles, cars, ships, airplanes, houses, offices, plants, land, buildings, money, payments owed to you (accounts receivable).
In accounting, this type of asset should be depreciated if it has an anticipated useful life of more than one year.
The opposite of a tangible asset is an intangible asset. Intangible assets include brands, reputation, copyrights, patents, trademarks, trade secrets, know-how and goodwill.

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More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more...

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