Assets are broadly classified into three different categories. g e

Convertibility: Fixed assets and current assets are the two types of convertible assets.

Fixed assets: These are difficult to convert into cash. Land, machinery, buildings, and equipment are examples of fixed assets.
Current assets are resources that can be easily converted into cash. Current assets include cash equivalents, stocks, securities, and so on.

Physical existence: Assets are further classified as Tangible and Intangible.

Tangible assets: Tangible assets are assets that have a physical existence. Buildings, equipment, and machinery are examples of this asset class.
Intangible assets: These are assets that do not have a physical existence. Copyrights, permits, trade secrets, and other assets fall into this category.

Assets can be further classified based on their intended use into operating and non-operating assets.

Operating assets generate revenue and keep day-to-day operations running. Operating assets include cash, a building, machinery, and equipment, among other things.
Non-operating assets generate significant revenue despite the fact that they are not used in day-to-day operations. Non-operating assets include short-term investments, vacant land, and so on.