Assets are all resources that a person owns.
Understand the Problem
The statement is defining what assets are, specifically that they are resources owned by a person. It is providing a basic understanding of the concept of assets in finance or economics.
Answer
An asset is a resource owned or controlled that generates economic benefit.
An asset is a resource owned or controlled by an individual that is expected to generate economic benefit.
Answer for screen readers
An asset is a resource owned or controlled by an individual that is expected to generate economic benefit.
More Information
Assets are categorized into different types, such as current, non-current, physical, intangible, operating, and non-operating.
Tips
A common mistake is to confuse assets with liabilities. Assets are what you own that have value, while liabilities are what you owe.
Sources
- The web page with info on - Corporate Finance Institute - corporatefinanceinstitute.com
- What Is an Asset? Definition, Types, and Examples - Investopedia - investopedia.com
- What Are Assets? Definition and Examples | MetLife - metlife.com
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