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My personal preference is this:

var assets = "/images"

var sounds = assets+"/sounds"

I always use relative paths with a leading slash (/images/...), it feels less prone to error, to me. It is also more fool proof to use var sounds = assets+"/sounds" because even if assets had a trailing slash and you ended up with /images//sounds, it would still resolve to /images/sounds. The one disclaimer being that it depends on your request handler. Apache seems to handle it fine (at least certain versions/configurations, see http://www.amazon.com//gp//site-directory//ref=nav_sad). With the other way you'd end up with /imagessounds, not so fool proof :) There is also the option of checking for double slashes and cleaning them up. Not an option with the other approach.