Asset

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.

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12 thoughts on “Asset

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