A financial contract or physical object with value that is owned by an individual , company, or sovereign, which can be used to generate additional value or provide LIQUIDITY. Assets are credits to the balance sheet , and may include CASH, investments, ACCOUNTS RECEIVABLE , LOANS granted, INVENTORY, real estate , plant and equipment, and GOODWILL. Assets are characterized by varying degrees of LIQUIDITY, and may be funded through DEBT or EQUITY. See also LIABILITY.
Black’s Law Online Dictionary
