what asset means?
<answer> An equal to the sum of. 1 liabilities, 2 common stock, 3 preferred stock, and. retained earnings. <context> Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property. On a balance sheet, assets are equal to the sum of. 1  liabilities, 2  common stock, 3  preferred stock, and.  retained earnings.