From an accounting perspective, the term used to describe the value of anything you own is an "asset." An asset is defined as a resource with economic value that an individual or company owns or controls, with the expectation that it will provide future benefits, such as generating cash flow or reducing expenses
. Assets can be tangible, like machinery or property, or intangible, like patents or trademarks
. They are recorded on the balance sheet and represent the economic resources owned by an entity
. In summary:
- Asset is the accounting term for the value of anything you own.
- Assets have measurable economic value and provide future benefits.
- They include physical items (e.g., equipment, inventory) and non-physical items (e.g., copyrights, goodwill)
