The term "asset" has its roots in Old French and Anglo-Norman, and has evolved over time to have several meanings. The word "assets" was first used in the 16th century to mean "sufficient estate, and tt comes from the Old French word "assez," which means "sufficiency" or "compensation"
Asset" is a noun that refers to any property or object of value that one possesses, usually considered as applicable to the payment of one's debts; can be tangible (such as a building or a car) or intangible (such as a patent or a trademark)
Assets can be used to produce positive economic value and can be converted into cash
In accounting, assets are defined as "a present economic resource controlled by the entity as a result of past events"
Intangible assets include goodwill, copyrights, trademarks, patents, computer programs, and financial assets, including financial investments, bonds, and companies' shares
Overall, an asset is something of value that can be used to produce economic benefits. It can be tangible or intangible, and is typically recorded on a balance sheet.
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