In the broadest terms, an asset is something that is:
- Owned / controlled by the company.
- Going to last for more than 1 year.
- Intended to be used in the company to generate more income.
For example, a telephone used to make business calls, or a tool for your work such as a laptop, would qualify.
You might decide to bring an item under company ownership as an asset so you can obtain certain benefits. See more here.