In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value and that is held to have positive economic value is considered an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).
The balance sheet of a firm records the monetary value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment.
An 'asset' in economic theory is an output good which can only be partially consumed (like a portable music player) or input as a factor of production (like a cement mixer) which can only be partially used up in production. The necessary quality for an asset is that value remains after the period of analysis so it can be used as a store of value. As such, financial instruments like corporate bonds and common stocks are assets because they store value for the next period. If the good or factor is used up before the next period, there would be nothing upon which to place a value.
As a result of this definition, assets only have positive futures prices. This is analogous to the distinction between consumer durables and non-durables. Durables last more than one year. A classic durable is an automobile. A classic non-durable is an apple, which is eaten and lasts less than one year. Assets are that category of output which economic theory places prices upon. In a simple Walrasian equilibrium model, there is but a single period and all items have prices. In a multi-period equilibrium model, while all items have prices in the current period. Only assets can survive into the next period and thus only assets can store value and as a result, only assets have a price today for delivery tomorrow. Items which depreciate 100% by tomorrow have no price for delivery tomorrow because by tomorrow it ceases to exist.
Relief is a sculptural technique where the sculpted elements remain attached to a solid background of the same material. The term relief is from the Latin verb relevo, to raise. To create a sculpture in relief is to give the impression that the sculpted material has been raised above the background plane. What is actually performed when a relief is cut in from a flat surface of stone (relief sculpture) or wood (relief carving) is a lowering of the field, leaving the unsculpted parts seemingly raised. The technique involves considerable chiselling away of the background, which is a time-consuming exercise. On the other hand, a relief saves forming the rear of a subject, and is less fragile and more securely fixed than a sculpture in the round, especially one of a standing figure where the ankles are a potential weak point, especially in stone. In other materials such as metal, clay, plaster stucco, ceramics or papier-mache the form can be just added to or raised up from the background, and monumental bronze reliefs are made by casting.
Terrain, or land relief, is the vertical and horizontal dimension of land surface. When relief is described underwater, the term bathymetry is used.
Terrain is used as a general term in physical geography, referring to the lay of the land. This is usually expressed in terms of the elevation, slope, and orientation of terrain features. Terrain affects surface water flow and distribution. Over a large area, it can affect weather and climate patterns.
The understanding of terrain is critical for many reasons:
The terrain of a region largely determines its suitability for human settlement: flatter, alluvial plains tend to have better farming soils than steeper, rockier uplands.