Assets are Elements

 
Assets are the most fundamental concept in accounting. They are so foundational, Financial Accounting Standards Board (those folks who come up with Generally Accepted Accounting Principles) makes it a point to call them elements. “Elements are the building blocks with which financial statements are built.” – FASB
 
Assets are elements of financial statements, specifically the Balance Sheet … elements refers to broad classes such as assets, liabilities, revenue, and expenses – all of which are the building block with which financial statements are constructed.
 
There are TWO essential characteristics of Assets.

1) An asset is a present economic resource capable of increasing net cash flows or reducing the output of net cash flows.  
2) The Company can obtain the benefit of the Asset or controls access to it. The term control reflects an entity’s ability to use a particular resource and its ability to deny or limit others’ use of the resource. The entity has access to the economic resource at the Balance Sheet date.
 
Bottomline …
An Asset is a present economic resource to which the entity has a right or other access that others do not have.
An Asset is an economic resource that is scarce and capable of producing cash inflows or reducing cash outflows.

Check out my book in the Genius BluePrint Series to learn more about Assets!
Disclaimer: Unfortunately, it is impossible to give comprehensive financial, accounting, or bookkeeping advice through the internet. Before relying on any information given in this book, contact an accounting professional to discuss your particular situation.