Assets is an accounting term that is used for items and resources that a company already owns. The term is used on a balance sheet to classify these items. Assets on hand are not the same as liabilities. The APICS Dictionary defines the term Assets as:
An Accounting/Financial term (balance sheet classification of accounts) representing resources owned by a company, whether tangible (cash, inventories) or intangible (patent, goodwill). These may have short term time horizon - such as cash, accounts receivable, and inventory- or a long term value (such as equipments, land, and buildings).