Assets are resources that are owned and controlled by an individual, association of partners, corporation or a country with the expectation that these will generate cash inflows in the future. Assets have an economic value that can be measured. Examples of assets include investments, cash, inventory, accounts receivable, buildings, land, vehicles and equipment.
Assets are reported on a corporation’s balance sheet at cost or lower amount. Assets are an important component of the accounting equation: Assets = Liabilities + Owner’s Equity.