What is Assets in Accounting?

In accounting, anything of value that a person or firm buys. Assets can be physical, such as real estate or stocks, a claim on debts, such as accounts receivable or liens, or a right, such as a patent. Of crucial importance to assets is their relative liquidity, or the ease with which they can be converted to cash. Liquid assets are often thought to be more useful than illiquid assets.

From
http://financial-dictionary.thefreedictionary.com
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