The term 'ITEM OF PROPERTY' can be summarized as an 'ASSET' (5 letters). An ASSET is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. Assets are reported on a balance sheet and can include tangible items such as cash, inventory, and property, as well as intangible items such as intellectual property, copyrights, and goodwill.