(1) Any possession that has value in an exchange.
(2) Anything having commercial value that is owned by a business, institution, or individual. Assets in this sense include such things as capital, natural resources, property rights, and properties owned by an organization or an individual.
From an accounting standpoint, corporate assets typically consist of:
Current Assets
Short term assets, such as cash, investments, accounts receivable, materials,
and inventories
Fixed Assets
Long term, physical assets, such as buildings, furnishings, and machinery.
Intangible Assets
Legal claims to some future benefit, typically future cash from things
such as patents and goodwill.
Tangible Assets
Assets whose value depends on particular physical features or properties.
Tangible assets can be divided into reproducible assets and non-reproducible
assets.
Reproducible Assets
Tangible assets with physical features or properties that can be duplicated,
such as a building or machinery.
Non-reproducible Assets
Tangible assets with unique physical features or properties, such as a
parcel of land, a mine, or a work of art.