A business accounting term. On the balance sheet of a company, everything that the company owns and which has a money value is classified as an asset, total assets being equal to total libailities. Assets fall into the following categories, roughly in order of the extent to which realizing their money value would disrupt the company’s business:
Current assets: Cash, bank deposits and other items that can readily be turned into cash, e.g. bills receivable, stock and work in progress, marketable securities. Trade investments: Investments in subsidiary or associated companies. Fixed assets: Land, buildings, plant, machinery, vehicles and furniture, usually at cost less decpreciation written off. Intagible assets: Goodwill, patents, etc. The assets of an individual are those possessions or the liabilities of others to him, which have a positive money value.
Reference: The Penguin Dictionary of Economics, 3rd edt.