asset: Meaning and Definition of

as•set

1. a useful and desirable thing or quality: Organizational ability is an asset.
2. a single item of ownership having exchange value.
1. 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).
2. Accounting.the items detailed on a balance sheet, esp. in relation to liabilities and capital.
3. all property available for the payment of debts, esp. of a bankrupt or insolvent firm or person.
4. Law.property in the hands of an heir, executor, or administrator, that is sufficient to pay the debts or legacies of a deceased person.