Plastic2Oil Inc (PTOI)

[loanranger]

"How can it be an asset if they didn't have a buyer for gasoline at the time"

The issue of market value, as in the phrase "lower of cost or market value", isn't determined by the party holding the asset...it's determined by the market. And, as the statement implies, the market value is only reflected on the balance sheet if it is less than its cost...usually a situation that only arises in cases where inventory becomes obsolete or is perishable. A company cannot possess something and determine that it doesn't have value because, in their judgment, they don't have an adequate supply to justify, or potential customers are unwilling to pay, their asking price.

Per Wikipedia:
Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.

Your house question, if it's serious, is answered simply:
Your house is an asset.
Your mortgage is a liability.
Your taxes, utilities and insurance are expenses which become liabilities.

But you knew that, didn't you.