Asset Account
/ˈæsɛt əˌkaʊnt/
Definitions
- (n.) A ledger account representing the value of resources owned by an individual or entity that are expected to bring future economic benefit.
The asset account was credited to reflect the purchase of new equipment.
Forms
- asset account
- asset accounts
Related terms
See also
Commentary
Used primarily in accounting and legal finance contexts, asset accounts must be clearly delineated to distinguish owned resources from liabilities; accuracy is critical for legal financial reporting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.