Items owned by a business. In a balance sheet assets are broken down into current assets and fixed assets. Current assets are considered to be more liquid than fixed assets in that they can normally be turned quickly into cash. Current assets include such items as cash stocks and trade debtors. Fixed assets are normally items held for long term which allow a company to carry on business. Fixed assets include such items as premises and machinery. In leasing terms the equipment a lessor owns and leases can often be referred to as an asset.