Glossary definition

What is an asset?


The general asset definition is anything possessed that is of value. But what are assets in accounting? For accounting purposes, fiscal quantifiability must define assets. Assets are the measurable resources of a company, able to be expressed in terms of a monetary value.

Assets may include cash, checking and savings accounts, profitable investments, stocks, bonds, patents, property, buildings and structures, vehicles, equipment, and machinery—anything tangible or otherwise that can be bought or sold. An asset must be fully owned by the company and contribute to profitability in some way.

7 tips for small business accounting

You work hard at making your business a success because you love what you do—not because you love balancing the books. But accounting is a business essential that’s crucially important to your success.

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