Assets Property and items of value owned by a person or business. The primary classifications of assets are: Current assets: cash and other liquid instruments, including accounts receivable, that can be converted to cash within one year at maximum; Long term assets: plants, equipment, real estate and other capital assets, net of depreciation; Prepaid and deferred assets: expenditures for future costs or expenses, such as insurance, interest or rent, that are set up as assets to be amortized over an applicable period; Intangible assets: assets with a determined value, but which may not be scalable, such as goodwill, patents, copyrights, and brand name recognition.