Assets are resources owned by individuals, businesses, or institutions that hold economic value and can be used to generate future benefits.
They encompass tangible assets, such as property, vehicles, equipment, and inventory, as well as intangible assets like patents, copyrights, trademarks, and goodwill.
Assets are recorded on balance sheets and are classified based on their liquidity and longevity.
They play a crucial role in determining the financial health and net worth of an entity, serving as a basis for investment and decision-making.
