Hasan,

What is the different between assets vs General Ledger Flex fields. Please give me brief definition.

Thanks, Raghu

As I have explained in my videos, flexfield is simply a name of the technology that lets you enter multi-segment values within a single field. Example:
01.1000.00
Ontario.Toronto
Vehicle.Car
Each client can configure number of segments according to their needs.
Flexfields that have impact on system's functionality are called key flexfields. Most of these are mandatory to configure before you could use the system. Examples are accounting flexfields and asset category flexfield. You can use the same flexfield technology to store extra information on data entry screens, using descriptive flexfields. Descriptive flexfield does not impact system's functionality in any way.

In GL we have only one key flexfield: Accounting Flexfield. This is also called chart of account structure.
In FA we have three flexfields, category, asset key, locations. The videos talk in detail about these. I hope this answers your question. If you have any specific question regarding flexfields feel free to post.