|See also assets anything valuable or useful: experience is their main asset|
|[C19: back formation from |
|1.||accounting Compare liabilities the property and claims against debtors that a business enterprise may apply to discharge its liabilities. Assets may be fixed, current, liquid, or intangible and are shown balanced against liabilities|
|2.||law the property available to an executor or administrator for settlement of the debts and payment of legacies of the estate of a deceased or insolvent person|
|3.||any property owned by a person or firm|
|[C16 (in the sense: enough to discharge one's liabilities): via Anglo-French from Old French asez enough, from Vulgar Latin ad satis (unattested), from Latin ad up to + satis enough]|
A possession that can be turned into cash to cover liabilities.
Note: Commonly, the term denotes anything of value.