Also known as assets, Assets, economic asset, business asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. Total assets can also be called the balance sheet total.
An asset is anything of value that a person or business owns or controls—whether it's tangible like cash and equipment or intangible like patents—that can be used to generate income or be converted into money. Assets matter because they represent what an entity owns and can use to grow wealth or pay obligations, which is why businesses track their total assets on financial statements called balance sheets.
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