An asset is anything of value or a resource owned by an individual or a business that can provide future economic benefits. Common examples of assets include cash, real estate, equipment, and investments. Assets are important for assessing financial health and can be classified as either current or non-current, depending on how quickly they can be converted into cash. In accounting, assets are recorded on the balance sheet and are essential for determining a company's net worth. They are typically categorized into tangible assets, like machinery and inventory, and intangible assets, such as patents and trademarks. Understanding assets helps in making informed financial decisions.