By TheStreet Staff What Are Assets?Assets are what’s owned by an individual or a company. They are, in accounting terms, a company’s resources from past transactions through which future economic benefits are expected to flow. In other words, assets are items purchased or acquired by a company, and it’s expected that they will be used to generate profit, though that isn’t always certain and guaranteed. Also, assets tend to have a definite lifespan of usefulness, and their value is accounted for in depreciation and amortization. Assets can be tangible such as property, plants, and equipment, or…