Question: Summarize in my own words The assets of a business represent items of value owned by the business. Some items are tangible(can be touched and felt), such buildings, equipment, cash, and supplies inventories, Also included in tangible assets are those that are financial in nature, such as securities investments and monies owned to the business for services rendered (accounts receivable). Intangible assets include such items as the value of a trademark or the value created by research and development efforts. Business list assets on the balance sheet in order of liquidity, or the speed at which they are converted to cash, Thus, cash itself is listed first, and long-lived physical assets (property and equipment) are listed last.