ITEM AND ASSET

[madhusudhan.palla]

Hi Friends,

What is the difference between Item and Asset? How can we differentiate?

Please, can any body help me...

Thanks,

Madhu.

[karthikeyanp1981]

In terms of oracle apps, both means the same ... i.e Asset is a type of an item, so as Inventory Item and Expense Item.
In system assets, inventory is defined as item only, to find out what it is , one needs to query up the item definition screen and check the Inventory Asset Value checkbox is been done or not, if so then that item is an Asset item.
In general context, item normally refers to Inventory held by the company. The difference betwen item and Asset in that case is, Item is held with an intention to make a sale, whereas assets are held with an intention of own consumption...