Definitions for: Assets

[n] anything of material value or usefulness

Webster (1913) Definition: As"sets, n. pl. [OF. asez enough, F. assez, fr. L. ad +
satis, akin to Gr. ? enough, Goth. saps full. Cf. Assai,
1. (Law)
(a) Property of a deceased person, subject by law to the
payment of his debts and legacies; -- called assets
because sufficient to render the executor or
administrator liable to the creditors and legatees, so
far as such goods or estate may extend. --Story.
(b) Effects of an insolvent debtor or bankrupt, applicable
to the payment of debts.

2. The entire property of all sorts, belonging to a person, a
corporation, or an estate; as, the assets of a merchant or
a trading association; -- opposed to liabilities.

Note: In balancing accounts the assets are put on the Cr.
side and the debts on the Dr. side.

Antonyms: liabilities

See Also: accounts receivable, amount, amount of money, capital, cash in hand, credit, crown jewel, equity, finances, funds, hole card, intangible, intangible assets, investment, investment funds, liquid assets, material resource, monetary resource, part, pecuniary resource, percentage, portion, possession, protection, receivables, reserve assets, resource, security, share, sum, sum of money, tax base, working capital

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