Broadly, assets can be defined as possessions that carry value. These include cash and various types of investments. Real estate, stocks, and bonds are common types of investments included. Typically, any tangible or intangible possession that can be owned and can be traded for money is counted as an asset. They are commonly important for account reporting in business. A description and valuation of all assets must be presented to the government for tax purposes. In accounting terms, assets include the sum of all liabilities, such as debt with all equities. Equities include all cash and investments owned by the proprietor. The declaration of assets makes up the whole of a company’s balance sheet. This can include extensive lists detailing each liability and equity that discloses total assets owned by the company. Assets can be either tangible or intangible. Tangible assets are physical objects that carry intrinsic value such as cash or land. Intangible assets generally reflect intellectual property such as patents and copyrights.
