what is assets

An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are anything that can be used to produce positive economic value and represent value of ownership that can be converted into cash. Assets can be grouped into two major classes: tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include cash, inventory, accounts receivable, while fixed assets include land, buildings, and equipment. Intangible assets are non-physical resources and rights that have a value to the firm because they give the firm an advantage in the marketplace. Examples of intangible assets include patents, trademarks, copyrights, and goodwill. In summary, assets are resources that either an individual or a company owns or controls that are expected to result in future economic value.