Assets are anything that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets can be classified in various ways, including current, fixed, financial, or intangible. Here are some examples of assets:
Personal assets:
- Home
- Land
- Financial securities
- Jewelry
- Artwork
- Gold and silver
- Checking account
Business assets:
- Real estate
- Bank accounts
- Intellectual property
- Business relationships
Tangible assets:
- Cash
- Vehicles
- Household furnishings
- Machinery
Intangible assets:
- Patents
- Intellectual property
- Goodwill
Liquid assets:
- Cash
- Marketable securities
Illiquid (fixed) assets:
- Real estate
- Machinery
Assets are important because they can generate revenue or be converted into cash, and they are reported on a companys balance sheet.
