1. Something valuable that an entity owns, benefits from, or has use of, in generating Income.
2. Accounting : Something that an entity has acquired or purchased, and that has money value. An asset can be
- something physical, such as cash, machinery, inventory, land and building,
- an enforceable claim against others, such as accounts receivables,
- right, such as copyright, patent, trademark, or
- an assumption, such as goodwill.
Assets shown on their owner’s balance sheet are usually classified according to the ease with which they can be converted into cash.