Assets are the value of possessions owned by the business. They could be tangible assets (such as cash, investments, money owed, supplies, equipment, land or buildings) or intangible assets (such as patents or trademarks).
Assets of any kind must have a measurable value to appear on a balance sheet. Assets are important because together with liabilities, they are a measure the financial health of a business.
They are sometimes used in negotiating lending. See also goodwill.
