In Accounting, we have Non-Current Asset and Current Asset. Basically it means the things that belongs to the company/business, like property, investment, cash, stock etc.
In Financial Institution, we heard the term AUM - Asset Under Management. It measures how much the bank/financial institutions handle the wealth of a customer. According to my understanding, AUM includes Fixed Deposit, Unit Trust Investment etc. (but not loan....). High AUM means you are an important customer of the financial institution and therefore you get better treatment, like private waiting lounge with coffee machine etc.
For common people like you and me, what is ASSET?
Is Cash in bank an Asset?
Is your Car an Asset?
Is the house that you buy-mortgage-pay installment-stay an Asset?