The general meaning of asset is an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies. An asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value and that is held to have positive economic value is considered an asset. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. The assets portion of the accounting equation represents the total amount that your business owns. Business assets include money in the bank, equipment, inventory, accounts receivable and other sums that are owed to the company. Hence, a building that has been taken on rent by the business for its use would not be regarded as an assets because company have no ownership of that building.