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asset

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noun as·set \ˈa-ˌset also -sət\

Simple Definition of asset

  • : a valuable person or thing

  • : something that is owned by a person, company, etc.

Source: Merriam-Webster's Learner's Dictionary

Full Definition of asset

  1. 1 plural a :  the property of a deceased person subject by law to the payment of his or her debts and legacies b :  the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts

  2. 2 :  advantage, resource <his wit is his chief asset>

  3. 3 a :  an item of value owned b plural :  the items on a balance sheet showing the book value of property owned

  4. 4 :  something useful in an effort to foil or defeat an enemy: as a :  a piece of military equipment b :  spy

Examples of asset in a sentence

  1. The state's natural assets include mountains and beautiful lakes.

  2. <rumors persisted that CIA assets were behind the coup d'état>



Origin and Etymology of asset

back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French assetz, from asez enough, from Vulgar Latin *ad satis, from Latin ad to + satis enough — more at at, sad


First Known Use: 1531

Rhymes with asset


ASSET Defined for Kids

asset

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noun as·set \ˈa-ˌset\

Definition of asset for Students

  1. 1 :  someone or something that provides a benefit <Your sense of humor is an asset.> <She is an asset to the class.>

  2. 2 assets plural :  all the property belonging to a person or an organization




Law Dictionary

asset

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noun as·set \ˈa-ˌset, -sət\

Legal Definition of asset

  1. 1 :  the entire property of a person, business organization, or estate that is subject to the payment of debts —used in plural — compare equity

  2. 2 :  an item of property owned admitted asset :  an asset allowed by law to be included in determining the financial condition of an insurance company — compare nonadmitted asset in this entry appointive asset :  an asset in an estate that is to be distributed under a power of appointment capital asset :  a tangible or intangible long-term asset especially that is not regularly bought or sold as part of the owner's business; specifically :  any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) current asset :  a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset :  an asset especially in an estate that is subject to the payment of debts only in a court of equity fixed asset :  a tangible asset (as a piece of equipment) that is of a permanent or long-term nature intangible asset :  an asset (as goodwill or a patent) that does not have physical form marital asset :  an asset acquired by either spouse or both spouses during a marriage Editor's note: Marital assets are generally subject to equitable distribution on divorce. net assets 1 :  the excess of assets over liabilities —called also net worth 2 :  admitted assets considered as a whole net quick assets :  the excess of quick assets over current liabilities nonadmitted asset :  an asset not allowed by law to be included in determining the financial condition of an insurance company because it cannot be quickly converted into cash without incurring a loss — compare admitted asset in this entry quick assets :  cash, accounts receivable, and other current assets except inventories tangible asset :  an asset that has physical form and is capable of being appraised at an actual or approximate value wasting asset :  property (as a copyright or oil well) that will eventually expire or be used up and lose its value



Origin and Etymology of asset

back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough



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