What is an item of tangible or intangible value referred to as?

An item of tangible or intangible value is referred to as an asset. Assets are properties or resources owned by an individual or entity that can provide future economic benefits. This includes both physical items, such as machinery or buildings, and non-physical items, like patents, trademarks, or software. Recognizing assets is fundamental in accounting and financial analysis, as they represent what a business owns and can use to generate revenue.

Liabilities, on the other hand, refer to obligations that a company or individual owes to others, which does not fit the definition of an item of value. Investments are typically capital placed into assets with the expectation of generating profit, but they do not cover the broader context of all valuable items. Equity represents ownership in an asset after deducting liabilities, thus offering a narrower perspective of value that is tied to shareholder interest. Therefore, the term 'asset' correctly encapsulates both tangible and intangible value across various contexts.