What is an asset in accounting?

An asset is a resource with economic value that an individual, a company, or a country owns or controls with the expectation that it will provide a future benefit. An asset is a resource that is expected to provide a future benefit to its owner. In the case of businesses, assets are reported on the company's balance sheet.

What are assets exactly?

In accounting, assets refer to any physical properties such as inventory, vehicles, and buildings, monetary resources such as cash, investments, and receivables, as well as any intangible properties like software and patents that belong to a business and help it earn economic benefits in the future.

What are assets on a balance sheet?

Assets are resources containing economic value or can be used to produce future benefits, such as generating revenue on behalf of the company on a later date. The assets section is one of the three components of the balance sheet, and consists of line items representing positive economic benefits.