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1. Financial reporting - balance sheet.

In financial reporting, assets are defined as 'present economic resources controlled by a reporting entity as a result of past events'.

An economic resource is a right that has the potential to produce economic benefits.

Examples include cash, trade receivables, inventory, tangible fixed assets and some intangible assets.

Assets are represented in the balance sheet by debit balances.

2. Assets & liabilities.

More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity).

See also