A business accounting term. On the balance sheet of a company, everything that the company owns and which has a money value is classified as an asset, total assets being equal to total libailities. Assets fall into the following categories, roughly in order of the extent to which realizing their money value would disrupt the company's business:
The assets of an individual are those possessions or the liabilities of others to him, which have a positive money value.
|Reference: The Penguin Dictionary of Economics, 3rd edt.|