Assets

1. a useful and desirable thing or quality: Organizational ability is an asset. 2. a single item of ownership having exchange value. 3. assets. items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (opposed to liabilities). Accounting. the items detailed on a balance sheet, especially in relation to liabilities and capital. all property available for the payment of debts, especially of a bankrupt or insolvent firm or person. Law. property in the hands of an heir, executor, or administrator, that is sufficient to pay the debts or legacies of a deceased person.