Other types of assets are Intangible (i.e. something that cannot be seen or touched). For example:
- Relationships with suppliers and customers;
- Goodwill that the business has created;
- Patents;
- Intellectual property that the organisation may own; and
- Database of customer contacts.
Inventory also has a monetary value and appears on financial records as an asset.
However, inventory is not seen as a fixed asset.
Inventory may also include hand tools and portable machines.