Any thing or economic value which is owned by a company or a person for business purpose specially those item which can easily be converted into cash of easy to liquidate such as "account receivables, securities, inventories or office equipment.
Assets are divided into following categories according to the accounting point of view,
Current assets (Cash, bills, securities and other liquidate able things).
Long term assets (Plant and machinery, buildings vehicles).
Prepaid and deferred assets (expenditure incurred for future cost such as insurance, rights to use an area, rent and interest).
Intangible assets (trademarks, patents, copyrights and goodwill).