An Asset refers to an entity’s resource or a legal right to a resource which is controlled by the entity. An asset can generate economic benefits when appropriately applied. Assets may be classified as tangible or intangible. Tangible assets are physical assets such as landed property, plant, equipment, inventory, cash, account receivable that business entities use to generate economic benefits. Intangible assets on the other hand lack physical form yet generate economic benefits either in isolation or in combination with other tangible assets. Examples of intangible assets are brand names, franchises, trademarks, patents, copyrights, mineral rights, securities, and contracts which generate economic benefits for the owner.