Asset

This article is about the business definition. For other uses, see Asset (disambiguation).
In business and accounting, assets are everything of value that is owned by a person or company. The balance sheet of a firm records the monetary[1] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. [2]The two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including financial assets and fixed assets.[3] Financial assets include such items as accounts receivable, bonds, stocks and cash; while fixed assets include such items as buildings and equipment.[4] Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs.[4]