1. A useful or valuable quality; SYN. plus.
2. Anything of material value or usefulness.
In accounting, anything owned by or owed to the company that is either cash or can be turned into cash. The term covers physical assets such as land or property of a company or individual, as well as financial assets such as cash, payments due from bills, and investments. Assets are divided into fixed assets and current assets. On a company's balance sheet, total assets must be equal to total liabilities (money and services owed).