Definition of: assets

(as′ets) noun plural
1. Law The property of a deceased person that is convertible into money and held for the payment of debts or legacies.
2. All the property, real and personal, of a person, of a corporation, or of a partnership, which is or may be chargeable with the debts or legacies of such parties or persons.
3. In accounting, the entries in a balance sheet showing all the property or resources of a person or business, as accounts receivable, inventory, deferred charges, and plant: opposed to liabilities.
—liquid assets Such securities and assets as can be realized immediately.
—working assets Non-permanent convertible invested funds. [<AF asetz, OF asez enough <L ad- to + satis enough]