[as.set] n [back-formation fr. assets, sing., sufficient property to pay debts and legacies, fr. AF asetz, fr. OF assez enough, fr. (assumed) VL ad satis, fr. L ad to + satis enough--more at at, sad] (1531) 1 pl a: the property of a deceased person subject by law to the payment of his or her debts and legacies b: the entire property of a person, association, corporation, or estate applicable or subject to the payment of debts
2: advantage, resource "his wit is his chief ~" 3 a: an item of value owned b pl: the items on a balance sheet showing the book value of property owned