assets /ˈæsɛts/ noun[usually plural]5 •the money, land and goods held by a person or a firm, counted against what they oweHis assets are much greater than his liabilities. •Sufficient estate; property sufficient in the hands of an executor or heir to pay the debts or legacies of the testator or ancestor to satisfy claims against it. •Any goods or property properly available for the payment of a bankrupt's or a deceased person's obligations or debts. •The left side of a balance sheet.The assets must equal liabilities, otherwise there is an error in your balance sheet. •(slang) Private parts; a woman's breasts or buttocks, or a man's genitalia. formsasset