asset – something a business owns that has a value

(Pronounced ass-et)

To remember what asset means use the following mnemonic:

She had a set of asses or in other words an ass set (asset) and they were certainly something of value her business owned.

Note: Every year, large companies have a team of people (auditors) check that the assets that a company says they own really do exist and are not overvalued or undervalued.