In business and accounting, assets are everything of value that is owned by a person or company. The balance sheet of a company records the monetary value of the assets owned by the company It is money and other valuables belonging to an individual or business. The two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including financial assets and fixed assets. Financial assets include such items as accounts receivable, bonds, stocks and cash; while fixed assets include such items as buildings and equipment. Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the market place (e.g. intellectual property).