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In business and accounting, assets are everything of value that is owned by a person or company. The balance sheet of a firm records the monetary^[1] value of the assets owned by the firm. The two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including financial assets and fixed assets.^[2] Financial assets include such items as accounts receivable, bonds, stocks and cash; while fixed assets include such items as buildings and equipment.^[3] Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs.^[3]

Assets have three essential characteristics

It is not necessary, in the financial accounting sense of the term, for control of assets to the benefit to be legally enforceable for a resource to be an asset, provided the entity can control its use by other means.

It is important to understand that in an accounting sense an asset is not the same as ownership. In accounting, ownership is described by the term "equity," (see the related term shareholders' equity). Assets are equal to "equity" plus "liabilities."

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