Asset” is every economic resource that a company owns, controls, or benefits from. An Asset can be physical (e.g., cash, Inventory, equipment, etc.), an enforceable claim (e.g., Accounts Receivable), Intellectual Property or other rights (e.g., Patent, Trademark or Copyright), or an assumption such as Goodwill.

Assets can be classified as current, fixed, and intangible. Current Assets provide short-term economic resources, such as cash, Inventory, and Accounts Receivable. Fixed Assets include equipment, machinery, and buildings that provide long-term economic resources to a company. Intangible Assets have no physical existence, consisting of Goodwill and Intellectual Property protection in the form of Trademarks, Patents and Copyrights.