Financial Term

Assets are anything of value owned by an individual, business or other organization. In business, the value of assets is that they can either be turned into cash – now or in the future (such as accounts receivable which are customer IOUs) – or they can be used to generate cash in the form of revenue now or in the future (such as manufacturing equipment or patents). See “short term,” “long term,” “tangible” and “intangible” for how assets are categorized in accounting, as well as individual asset categories such as Accounts Receivable.

Don Gooding

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