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What Are Assets in Accounting?

Understanding assets in accounting can help businesses obtain both short- and long-term financial goals.

The term "asset" is often heard when the financial value of a business is being assessed. An asset can be any resource that an individual or a corporation controls and generates a positive economic benefit for its owner. Personal assets contribute to a person's wealth, while business assets are for corporations and are listed on balance sheets and used against liabilities and equity. Here is a primer on assets, including how they work and how to determine their value.

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Article Written By: Sean Peek

Original Article Posted on: Jun 10, 2021

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