How Do I Know If Something Is an Asset?

An asset is something that provides a current, future, or potential economic benefit for an individual or other entity. An asset is, therefore, something that is owned by you or something that is owed to you. Therefore, a £10 note, a desktop computer, a chair, or a car are all assets. If somebody owes you money, that loan is also an asset because you are owed that amount (even though the loan is a liability for the one paying you back).