Simple Definition of asset
: a valuable person or thing
: something that is owned by a person, company, etc.
Full Definition of asset
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
3 a : an item of value owned b plural : the items on a balance sheet showing the book value of property owned
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
The state's natural assets include mountains and beautiful lakes.
<rumors persisted that CIA assets were behind the coup d'état>
Rhymes with asset
ASSET Defined for Kids
Definition of asset for Students
1 : someone or something that provides a benefit <Your sense of humor is an asset.> <She is an asset to the class.>
2 assets plural : all the property belonging to a person or an organization
Legal Definition of asset
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 : 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
Seen and Heard
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