Assets are anything with a future economic value and is owned by the company. They can be measured and expressed in dollars. Assets can be both tangible (cash, land, buildings & others) or intangible (Intellectual property, Distribution network, Proprietary technology & others).
Assets are included in the balance sheet and are a part of the accounting equation:
Assets = Liabilities + Shareholder’s Equity
Also, assets can be either be current or non-current, like liabilities. A current asset is an asset which can be converted into cash in a year or in an operating cycle without disturbing the normal activities of the company, while a non-current asset’s value is not realised in an accounting year.