Assets Means in Accounting

 Assets refer to resources that are owned or controlled by an entity and are expected to provide future economic benefits. Assets can include tangible items, such as cash, inventory, buildings, and machinery, as well as intangible items, such as patents, trademarks, copyrights, and goodwill. Assets are recorded on a company's balance sheet, which is a financial statement that provides a snapshot of the company's financial position at a specific point in time. Assets are typically classified based on their nature and presentation in the balance sheet, and proper accounting treatment, valuation, and disclosure of assets are critical for accurate financial reporting and decision-making.