tangible asset

asset

noun | \ ˈa-ˌset, -sət \ | as·set

  1. : the entire property of a person, business organization, or estate that is subject to the payment of debts —used in pl. — compare equity

  1. : an item of property owned

    — admitted asset
    : an asset allowed by law to be included in determining the financial condition of an insurance company — compare nonadmitted asset in this entry

    — appointive asset
    : an asset in an estate that is to be distributed under a power of appointment

    — capital asset
    : a tangible or intangible long-term asset especially that is not regularly bought or sold as part of the owner's business; specifically : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code)

    — current asset
    : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash

    — equitable asset
    : an asset especially in an estate that is subject to the payment of debts only in a court of equity

    — fixed asset
    : a tangible asset (as a piece of equipment) that is of a permanent or long-term nature

    — intangible asset
    : an asset (as goodwill or a patent) that does not have physical form

    — marital asset
    : an asset acquired by either spouse or both spouses during a marriage Note: Marital assets are generally subject to equitable distribution on divorce.

    — net assets
    : the excess of assets over liabilities — called also net worth : admitted assets considered as a whole

    — net quick assets
    : the excess of quick assets over current liabilities

    — nonadmitted asset
    : an asset not allowed by law to be included in determining the financial condition of an insurance company because it cannot be quickly converted into cash without incurring a loss — compare admitted asset in this entry

    — quick assets
    : cash, accounts receivable, and other current assets except inventories

    — tangible asset
    : an asset that has physical form and is capable of being appraised at an actual or approximate value

    — wasting asset
    : property (as a copyright or oil well) that will eventually expire or be used up and lose its value