Which of the following best defines assets?

Assets are best defined as items owned by a company that may generate future economic benefits. This definition highlights the key characteristic of assets: their ability to contribute to future cash flows or financial returns for the company. Assets include a wide range of resources such as cash, inventory, property, equipment, and investments that a company controls and utilizes in its operations.

Understanding assets in this context allows for grasping their role in the balance sheet, where they are listed as resources that provide value to the company. This value can be in the form of cash generation, cost savings, or other benefits that enhance the company's profitability over time.

The other choices refer to concepts related to financial obligations and investments, but they do not capture the comprehensive definition of assets as resources with potential for future economic benefit.