# Asset |  | In financial accounting, an **Asset** is any resource owned or controlled by a business or an economic entity. It is anything that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash . The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. | |-|-| | | wikipedia:: [Asset](https://en.wikipedia.org/wiki/Asset) |