Assets Definition

Assets are items of value that can be tangible and intangible.

Assets Extended Definition
Assets are considered valuable items. There are two types: tangible and intangible. A tangible asset is something that can be touched, such as a building, truck, table, or computer. Intangible assets include goodwill and trademarks.

It is more difficult to determine the value of intangible assets, but they still have value for your business. Assets are also classified as current and long-term. Current assets could be turned into cash within a short period of time (12 months) if necessary.

Assets are reported on a balance sheet, which is a common financial statement.

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Last Updated By

Andrew Freiman | Feb 24, 2023