Hypertext Webster Gateway: "assets"
From Webster's Revised Unabridged Dictionary (1913) (web1913)
Assets \As"sets\, n. pl. [OF. asez enough, F. assez, fr. L. ad +
satis, akin to Gr. ? enough, Goth. saps full. Cf. {Assai},
{Satisfy}.]
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.
From WordNet (r) 1.7 (wn)
assets
n : anything of material value or usefulness [ant: {liabilities}]
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