Any item of economic value that a person or entity owns, benefits from, or has use of in generating income.

Assets can generally be converted to cash, but economic circumstances often determine whether the asset can be sold at fair value.

Some common examples of assets are cash, stocks, paid-for real estate, inventory, office equipment, jewelry, artwork, or other property of value that can be counted towards a person’s estate or a corporation’s balance sheet.

What is Cash and Cash Equivalents?
What is Liability?