By Leanna Kelly Most people tend to form a picture of something specific in their head when they hear the word “asset.” It might be a stack of cash or a luxury vehicle, or even a piece of real estate. These answers are all true-to-meaning. An asset is an entity’s property that was acquired or purchased, and has value. This can be physical (cash, inventory), a claim (accounts receivable), a right (copyright, patent) or an assumption (goodwill). Everyone has assets, but not everyone realizes exactly what assets they have or how they’re valued.
If you ever declare bankruptcy (hopefully not), you’ll find out …read more
