Definition of Asset
An asset is a resource that a company or entity owns to generate some positive economic output. Assets come in many forms including a building, plant machinery, vehicle, cash, etc. to intangible forms like goodwill and brand. Assets are used to generate economic value within a company.
Example of Asset:
A car producer is installing an electric car production plant to produce electric cars. So, the plant would produce electric cars, and those cars when sold will generate sales and the company will profit from those sales. Here the electric car production plant is an asset as it is generating positive economic value.