Definition:

Assets are the resources controlled by any entity as a result of any past event and from which future economic benefits are expected to flow to entity. ( IASB )

Explaination:

An Asset is somthing owned or in control of a business entity to benefit from it in some ways.

Assets may be classified into two main types according to the time period in which they generate economic outcomes for the entity.

1- Current Assets.

2 - Non- Current Assets.

1-Current Assets: Current Assets are the assets which are expects to use within a year from the date of reporting.

2- Non- Current Assets: Non Current Assets are those which are expected to use for more than one year form the date of reporting.