Key Differences in Definitions of Assets:

Definition 1: Assets are economic resources owned by business.
- This definition focuses on the ownership aspect of assets, indicating that assets are tangible or intangible resources that a business possesses.
- Assets can include physical items like equipment, inventory, and property, as well as intangible assets like patents, trademarks, and goodwill.
- The ownership of assets is a key factor in determining the financial health and value of a business.

Definition 2: Assets enable the business to earn economic benefits in the future.
- This definition emphasizes the utility and value that assets provide to a business.
- Assets are not just static resources; they are dynamic tools that help a business generate revenue, reduce expenses, or increase efficiency.
- By using assets effectively, a business can improve its competitive position, enhance its financial performance, and create opportunities for growth and expansion.

Explanation:
The key difference between the two definitions lies in their focus: the first definition highlights the ownership and nature of assets, while the second definition underscores the functional and strategic role that assets play in a business. In essence, assets are not just items on a balance sheet; they are essential components that drive the success and sustainability of a business. By understanding both aspects of assets - their ownership and their utility - businesses can make informed decisions about how to manage and leverage their assets to achieve their financial goals.