Usually appearing on an organization's balance sheet, they are anything which the firm owns or has title to (in other words ownership of). Examples of Assets are cash, accounts receivable, investments, equipment, furniture, and buildings.

Current Assets -  include assets that are expected to be converted into cash within a year from the balance sheet date. Examples: cash, accounts receivable, prepaid expenses, inventory

Long Term Assets - the value of a company's property, equipment and other capital assets expected to be useable for more than one year, minus depreciation. Examples: real estate, equipment, long term investments