An asset is anything where a cash equivalent value may be placed, like a car for example. Therefore, an object owned an individual or group that has value within an exchange is considered an Asset. Assets are often measured by liquidity. Assets can range from currency (any form), property, to investments. All assets can depreciate in time. There are two types of Assets, tangible or intangible. Tangible assets are fixed to the property or things like equipment. Intangible Assets could be things like intellectual property. Every asset has a classification, and each classification type has depreciation rules and regulations given by the IRS. They also have guidelines on things after you purchase like depreciation, use, sale, and destruction. During the time they are held, the value of Assets may change because of this.