Which of the following best describes "Assets"?

The concept of "Assets" pertains to resources that are owned and controlled by a company, which can provide future economic benefits. These resources may include tangible items such as property, equipment, or inventory, as well as intangible items like patents and trademarks. By owning assets, a company has the ability to generate revenue and support its operations, contributing to its overall financial stability and growth.

In financial accounting, assets are recorded on the balance sheet and are classified as either current (easily liquidated within a year) or non-current (long-term investments). This classification plays a critical role in assessing a company's financial health, liquidity, and operational efficiency.

The other options listed represent different financial concepts: liabilities reflect what a company owes, contracts refer to formal agreements rather than owned resources, and expenses denote costs incurred during operations, but they do not represent owned assets. Understanding assets is fundamental for anyone analyzing or participating in financial planning and reporting within a company.