Definitrion: Any item of value (a resource), that is owned by the individual or the company, which could be converted into cash and has some sort of future benefit.
Current or Short term Assets are those items that are expected to be used up completely and replaced within one year. Such items include cash balances, debtors, and usually inventory.
Assets used within the business for the purpose of operation and last for more than a year, and are not for resale are referred to as fixed assets. Such items include land, buildings etc.
Generally assets appear on the top or the left side of a balance sheet. They must always be opposite the liabilities and shareholder’s equity. They are listed in order of liquidity (how quickly they can be converted into cash) from most liquid to least.