Definition of asset
Asset is a resource having economic value someone owns or controls with an expectation of getting future economic benefit.
In business or accounting, asset is an economic resource that an individual, a company, a corporation or a country purchased, acquired or achieved which contributes in generating income or cashflow.
An asset can be tangible or intangible in nature. Tangible assets include assets having physical substance, such as cash, inventories, vehicles, equipment, plant and machinery, real estates, land etc.
Intangible assets have no physical substance. It includes brands, domain names, patents, trademarks, copyrights and goodwill. Any intellectual property also categorized as intangible assets. Accounting for intangible assets is somewhat different than tangible assets. It depends upon type of assets, whether it should be capitalized or not. If capitalized it can be amortized periodically or go under a test of impairment.