Bac Lieu Travel on GAAP requires businesses to prepare and include four types of financial reports and include them in the annual report of the business. These reports, when used collectively, provide external users enough information about the financial position of a company and the results of its operations. A balance sheet, also called the statement of financial position, shows the total economic resources at the disposal of a company on the date of the report and the sources of those resources. These economic resources, used to generate revenues for the company, are also called assets. By definition, assets are the economic resources owned by a business that are expected to benefit future operations. Examples are cash, amounts receivable from customers, inventory to be sold in the future, machinery and equipment used in production, furniture used in the office, land and building, etc. Assets can also be intangible (non-physical) such as patents, trademark, 2 accounting goodwill, software, etc. Bac Lieu Travel 2016.