Which of the following is NOT included in the definition of assets in business?

In the context of business definitions, assets are resources owned by a company that are expected to bring future economic benefits. Business assets typically include items that are used in the operation of the business or those that have a monetary value, which can be converted into cash or contribute to generating revenue.

Office furniture, business machinery, and inventory held for resale all qualify as assets because they are integral to running the business. Office furniture is used in the business operations, business machinery is essential for production or service provision, and inventory is directly related to sales and revenue generation.

On the other hand, personal items owned by the owner are not included in the definition of business assets because they do not belong to the business entity and do not contribute to its operations or financial performance. Such items are classified as personal assets and are distinct from the business's financial statements. Therefore, personal items owned by the owner are excluded from the assets that are reported on a business's balance sheet.