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Pronunciation: (as'et), [key]
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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