Which of the following best defines an asset?

An asset is best defined as a resource owned that has economic value, which reflects the correct understanding of what constitutes an asset in personal finance and accounting. Assets are items of value that a person or entity holds and can be utilized to generate economic benefit, whether it's through use, sale, or investment.

When individuals or organizations acquire assets, they possess something that can potentially appreciate in value or provide income. Examples include cash, real estate, vehicles, stocks, and equipment. The economic value is crucial because it distinguishes assets from liabilities (which represent obligations or debts) and expenses (which are costs incurred for operations and services).

In contrast, the other options do not encapsulate the essence of an asset. For instance, a liability with financial obligations refers to debts owed rather than resources owned. A tradeable financial instrument might resemble an asset but does not capture the broader definition that encompasses all owned resources. Lastly, an expense incurred for services rendered represents a consumption of resources rather than ownership of a valuable resource. Thus, the clear delineation provided in the correct answer highlights both ownership and economic value as fundamental characteristics of assets.