items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (opposed to liabilities).
Accounting. the items detailed on a balance sheet, especially in relation to liabilities and capital.
all property available for the payment of debts, especially of a bankrupt or insolvent firm or person.
Law. property in the hands of an heir, executor, or administrator, that is sufficient to pay the debts or legacies of a deceased person.