The Anchor Point can be placed anywhere on an object, but by default it is at the center. It affects how animations transform; the most noticeable being with rotation and scale.
Click the object on the canvas and in the settings category (gear icon) under properties (if it is grouped) click on Show Anchor Point. You can then click on the boxes to position the anchor point.
You can also change the anchor point by dragging the point icon on the object.
