Assets defined. Most people have an idea of what the definition of assets are but when we actually loop up the term in a glossary and analyze the definition we can often find more insights about the term assets and its meaning. The definition of assets can include the fact that assets are resources owned for future benefit. When we define assets we often define them with a list of assets rather than a definition of what assets are. The fact that assets are held for future use is one component in the definition of assets that makes assets stand apart from expenses, expenses being something we have consumed, assets being something we will consume in the future. This part of the definition implies a timing element in the definition. The difference between an asset and expense include the time that they are used to achieve the goal of generating revenue.
