what are assets?

An asset can be defined as something which can be converted into cash form. These assets are owned by all the individuals, groups or business entities which are used in future to generate revenue. These can be used as a source of generating finance when these are used or are sold. Some of the examples of assets of the companies are machinery, land, building, cash etc. Some of the personal assets are house, car, investment, or goods or services from house. These assets when used in business or the cash when taken out of the company for personal use are known as Drawings for the business.