an asset is an item of value owned. it may or may not be expected to be valuable in the future, but is known to be valuable today.

companies spend money on things, but those things need to be classified as expenses or assets. Items that are not expected to have a value in the future (box of post-it notes, pencils, electricity...) are expensed in the present. Assets are longer term items that will be involved in the creation of wealth/value, so they appear on the balance sheet of a company to give investors an idea of the value of the "wealth creating assets".

https://accountinguide.com/difference-between-assets-and-exp...

"Assets are the resources that have future economic value and they are belong and under the control of the company. They are expected to provide future economic benefits to the company. Assets are presented on the balance sheet which can be current assets and noncurrent assets."

also

https://quickbooks.intuit.com/learn-support/en-us/help-artic...

"Assets are things your business owns that have long-term value, like property or equipment. Their cost is spread out over time. Expenses are costs of daily operations that are used up quickly, such as rent or utilities, and are fully deducted when they occur."

https://www.uschamber.com/co/run/finance/assets-vs-expenses

"To be considered an asset, the item must maintain its worth for at least one year after acquisition."