ASSET Definition

ASSET is anything owned by an individual or a business, which has commercial or exchange value. Assets may consist of specific property or claims against others, in contrast to obligations due others. (See also Liabilities).

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AUDITOR is an accountant usually certified by a national professional association of accountants, if one exists in the corporation's country, or certified by another countrys recognized national association of accountants. Corporations will often work with both internal auditors and external auditors.

RESIDUAL INCOME is income from efforts which continue to generate revenue over time without requiring any additional effort (e.g., a stream of future royalty payments from a book).

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