Anything owned by a person or company from which future economic benefit is expected. Assets are considered as economic resources of a person or company. There are two classes of assets, tangible and intangible.
Tangible Assets: These are physical assets and can be touched. These assets are used to generate cash. For example, machinery, building, finished products etc.
Intangible Assets: These are nonphysical assets that provide a company with good position in the market place. This results in more business for the company. For example, goodwill, patents, copyrights, or trademarks.