What does total assets mean?

Total assets refer to the sum of all resources owned by an individual or entity that have economic value. This includes cash, real estate, investments, equipment, and any other tangible or intangible items that can be converted into cash. Total assets are a key component of a balance sheet, providing insight into the financial health and stability of a business or individual. They are used by investors and creditors to assess the ability to meet obligations and generate income.