August 17, 2021
An asset is a resource that is owned or controlled by an individual or another entity, such as a corporation or a country. An asset provides a current, future, or potential economic benefit, whether it will generate cash flow, reduce expenses, or improve sales. Everyone’s got assets – either owned by you or owed to you. Assets may be tangible, such as cash, a house, or a loan. Assets may also be intangible, non-physical, such as intellectual property and patents. Assets have an economic value and are, therefore, recorded on a company’s balance sheet and may appreciate or depreciate.