An accounting/financial term (balance sheet classification of accounts) representing the resources owned by a company, whether tangible (cash, inventories) or intangible (patent, goodwill). Assets may have a short-term time horizon--such as cash, accounts receivable, and inventory--or a long-term value (such as equipment, land, and buildings). See: balance sheet, liabilities, owner's equity.
read the whole passage
Collapse full text
