Definition: Assets are resources with economic value that an individual, corporation, or country owns or controls with the expectation that they will provide a future benefit.

In Plain English: Assets are things that add value to your company, whether they’re pieces of equipment, patents, or anything else that will add cash flow, reduce expenses, or improve sales.

Example: If you bought a yacht for $1M to host sales meetings on, you would be adding $1M in assets to your company.

Assets are reported on a company’s balance sheet and they increase a company’s value.