Definitions (2)

1.Something valuable that an entity owns, benefits from, or has use of, in generating income.

Accounting: Something that an entity has acquired or purchased, and that has money value (its cost, book value, market value, or residual value). An asset can be (1) something physical, such as cash, machinery, inventory, land and building, (2) an enforceable claim against others, such as accounts receivable, (3) right, such as copyright, patent, trademark, or (4) an assumption, such as goodwill.

Assets shown on their owner's balance sheet are usually classified according to the ease with which they can be converted into cash.

See also intangible assets and tangible assets.

Use asset in a sentence

  • She didn't realize the extent to which her long legs had been an asset to the chances of her being offered the job.

    8 people found this helpful
  • Since the car was an asset Joe owned, it was the first thing seized by the bank when he could not pay off his loans.

    8 people found this helpful
  • I told the hiring manager that due to my creativity and adaptability, I knew that I would be an important asset to the company.

    3 people found this helpful
Show more usage examples...

Related Videos

Have a question about asset? Ask for help in the
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z