In accounting terminology, the term Asset refers to anything tangible or intangible which is intrinsically valuable or that can be owned and controlled to produce value of an economic nature. Assets can also generally be converted into cash.
For example, Assets make up a long list of items such as real estate, cash, securities, a car or any other type of property including intellectual property. In business, Assets are listed as current Assets which include cash and other liquid Assets which will be consumed within one year. Long-term Assets or fixed Assets include real estate, manufacturing plants and equipment. Deferred Assets include future expenditures, such as rent, interest and insurance, while Intangible Assets generally include such things as copyrights, trademarks and patents. On a company’s balance sheet, Assets are listed as being equal to the sum of its liabilities.