Definition: It refers to anything with an economic value that an individual, business or country owns with the expectation that it will provide future benefits, or that can be sold to make cash.
For individuals, assets that are really considered to be worth money are houses, vehicles, expensive jewelry and electronics.
In business and accounting there are several types of assets. Current assets are the things that can easily be turned into cash and are expected to be sold or used up within a year. Fixed Assets are assets that have a useful life of more than one year, for example buildings and machinery; there are also intangible fixed assets, like the good reputation of a company or brand.