Assets are rights or other access to future economic benefits controlled by an entity as a result of past transactions or events. In most financial statements, assets are divided into two categories - current and long-term (or liquid and fixed). Current assets are expected to be converted into cash or used up within one year. For Vodafone, these are principally amounts which we have billed our customers but not yet received, and short-term investments. Long-term or fixed assets include property, plant and equipment, long-term investments and intangible assets, such as goodwill and licences.

Everything a corporation owns or that is due to it: cash, investments, money due it, materials and inventories, which are called current assets; buildings and machinery, which are known as fixed assets; and patents and goodwill, called intangible assets

Everything that a person or company owns or has a right to, from which a benefit can derive. Net assets are assets in excess of liabilities. Liquid assets are assets either in the form of cash or readily convertible into cash.

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