What is the meaning of Asset?

Assets are everything you own that has any monetary value, plus any money you are owed. They include money in your checking account, your stocks, bonds, and mutual funds, your equity in real estate, the value of your life insurance policy, and any personal property that people would pay to own. When you figure your net worth, you subtract the amount you owe, or your liabilities, from your assets. Similarly, a company's assets include the value of its physical plant, its inventory, and less tangible elements, such as its reputation.