assets

as·set   (ās'ět')    n.   A useful or valuable quality, person, or thing; an advantage or resource: proved herself an asset to the company. A valuable item that is owned. A spy working in his or her own country and controlled by the enemy. assets Accounting The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill. The entire property owned by a person, especially a bankrupt, that can be used to settle debts. [Back-formation from English assets, sufficient goods to settle a testator's debts and legacies, from Anglo-Norman asetz, from asez, enough, from Vulgar Latin *ad satis, to sufficiency : Latin ad, to; see ad- + Latin satis, enough; see sā- in Indo-European roots.]

asset

A possession that can be turned into cash to cover liabilities.

Note: Commonly, the term denotes anything of value.

assets 

asset

Something of monetary value that is owned by a firm or an individual. Assets are listed on a firm's balance sheet and include tangible items such as inventories, equipment, and real estate as well as intangible items such as property rights or goodwill. Compare liability. See also current asset, intangible asset, tangible asset.

Main Entry: as·set
Pronunciation: 'a-"set, -s&t
Function: noun
Etymology: back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough
1 : the entire property of a person, business organization, or estate that is subject to the payment of debts —used in pl. —compare EQUITY
2 : an item of property owned

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admitted asset
: an asset allowed by law to be included in determining the financial condition of an insurance company —compare NONADMITTED ASSET in this entry

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appointive asset
: an asset in an estate that is to be distributed under a power of appointment

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capital asset
: a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business; specifically : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code)

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cur·rent asset
: a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash

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equitable asset
: an asset esp. in an estate that is subject to the payment of debts only in a court of equity

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fixed asset
: a tangible asset (as a piece of equipment) that is of a permanent or long-term nature

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intangible asset
: an asset (as goodwill or a patent) that does not have physical form

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marital asset
: an asset acquired by either spouse or both spouses during a marriage
NOTE: Marital assets are generally subject to equitable distribution on divorce.

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net assets
1 : the excess of assets over liabilities called also net worth
2 : admitted assets considered as a whole

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net quick assets
: the excess of quick assets over current liabilities

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non·ad·mit·ted asset
: an asset not allowed by law to be included in determining the financial condition of an insurance company because it cannot be quickly converted into cash without incurring a loss —compare ADMITTED ASSET in this entry

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quick assets
: cash, accounts receivable, and other current assets except inventories

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tangible asset
: an asset that has physical form and is capable of being appraised at an actual or approximate value

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wast·ing asset
: property (as a copyright or oil well) that will eventually expire or be used up and lose its value