Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property. On a balance sheet, assets are equal to the sum of liabilities,  common stock,  preferred stock, and  retained earnings.  From an accounting perspective, assets are divided into the following categories: current assets (cash and other liquid items),  long-term assets (real estate, plant, equipment),  prepaid and deferred assets (expenditures for future costs such as insurance, rent, interest), and  intangible assets (trademarks, patents, copyrights, goodwill). See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.