As·sets n. pl.
1. Law (a) Property of a deceased person, subject by law to the payment of his debts and legacies; -- called assets because sufficient to render the executor or administrator liable to the creditors and legatees, so far as such goods or estate may extend. --Story. --Blackstone. (b) Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.
2. The entire property of all sorts, belonging to a person, a corporation, or an estate; as, the assets of a merchant or a trading association; -- opposed to liabilities.
Note: ☞ In balancing accounts the assets are put on the Cr. side and the debts on the Dr. side.
n : anything of material value or usefulness [ant: liabilities]