Assets \As"sets\, n. pl. [OF. asez enough, F. assez, fr. L. ad + satis, akin to Gr. ? enough, Goth. saps full. Cf. Assai, Satisfy.]

1. (Law)
   (a) Property of a deceased person, subject by law to the payment of his debts and legacies; -- called assets because sufficient to render the executor or administrator liable to the creditors and legatees, so far as such goods or estate may extend. --Story. --Blackstone.
   (b) Effects of an insolvent debtor or bankrupt, applicable to the payment of debts.

2. The entire property of all sorts, belonging to a person, a corporation, or an estate; as, the assets of a merchant or a trading association; -- opposed to liabilities.

Note: In balancing accounts the assets are put on the Cr. side and the debts on the Dr. side.

Source: Webster's Revised Unabridged Dictionary (1913)