- A business asset is a piece of property or equipment acquired solely or principally for use in a business. They can also be intangible objects such as intellectual property.
- Business assets are classified and valued on the balance sheet. They are listed by historical cost and in order of liquidity.
- Most business assets can be written off and either depreciated or expensed under section 179 in the year of purchase.
- Business assets are divided into two parts: current assets and non-current assets.
- The value of business assets can be determined by an appraiser.