# Asset

> Asset — A present right of the entity to an economic benefit (FASB CON 8 ¶E16).

Source: https://lopifi.com/glossary/asset
Part of: Lopifi — US GAAP books on autopilot, reviewed by a CPA (https://lopifi.com)

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**What is asset?** In accounting, asset means a present right of the entity to an economic benefit (FASB CON 8 ¶E16).

## Words this system refuses for it

- what we own (a leased asset is controlled, not owned)

- **Category:** Foundations
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Rendered by:** [balance-sheet](https://lopifi.com/md/components/balance-sheet), [lease-schedule](https://lopifi.com/md/components/lease-schedule)