What term describes anything of value that is owned by a business?

The term that describes anything of value that is owned by a business is "Asset." In accounting, assets are resources that provide future economic benefits to a business and are essential for its operations. Assets can take many forms, including cash, inventory, buildings, and equipment. They are listed on the balance sheet and are classified into current assets, which are expected to be converted into cash or consumed within a year, and non-current assets, which are long-term resources used over an extended period.

Understanding assets is fundamental to financial statements as they reflect the financial strength and operational capability of a business. They are contrasted with liabilities, which represent obligations or debts the business owes, and owner's equity, which refers to the residual interest in the assets after deducting liabilities. Thus, recognizing what constitutes an asset is crucial for accurate financial reporting and analysis in accounting practices.