Dictionary  as•setPronunciation: (as'et), [key] —n. 1. a useful and desirable thing or quality: Organizational ability is an asset. 2. a single item of ownership having exchange value. 3. assets, a. items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (opposed to liabilities). b. Accounting.the items detailed on a balance sheet, esp. in relation to liabilities and capital. c. all property available for the payment of debts, esp. of a bankrupt or insolvent firm or person. d. Law.property in the hands of an heir, executor, or administrator, that is sufficient to pay the debts or legacies of a deceased person. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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