An asset is a piece of property or a resource that is controlled and designed to add value to the business that it is owned by. There are two types of assets called tangible and intangible assets.
Tangible assets include the physical assets of a business, which act as the motor that keeps the business running on a daily basis. Tangible assets can further be broken down in two categories called current assets and fixed assets. Current assets are comprised of the physical products and inventory that a business has produced to ultimately be sold over time. Fixed assets, however, as the physical items such as the business equipment and machinery that produce the current assets. These fixed assets are not sold like current assets, and are only sold when the business as a whole sells.
Intangible assets, vary from tangible assets as they are assets that don't take on any physical form. Examples of intangible assets include things such as any copyrights, trademarks, patents, and goodwill that a business may possess, that add value to the business as well. They are the ideas, the brands, the secrets, that implicate future value and worth to only the business that they are possessed by.