What do you consider an asset and what do you consider a liability?
?
Answers: I like Robert Kiyosaki's interpretation from Rich Dad Poor Dad. An asset puts money in your pocket, whereas a liability take money out of it.
Assets are things of value that you hold.
Liabilities are claims against those assets.
Thus if you own an asset free and clear, you have one liability, your own claim of ownership.
So owner equity is that final liability that say the business owes the owner any residual value after all other liability are discharged.
Assets: that is all the stuff you own. Examples: your house, your coup¨¦, your computer, your jewelry, your bank accounts, your retirement fund, etc. All these things have your pet name on it as the owner.
Liabilities: that is all the stuff you owe somebody. Example: mortgage, saloon loan, credit card debt, personal loan, etc. This is the money you have to pay fund to people or companies who have lent it to you.
An asset is something that you own A liability is something you owe. That be the first statement said when I studied account in giant school back it 1960.
Can I deposit a check payable to my husband's parents even if one is lifeless?
Opening an portrayal beside a builing society to find a windfall?
How can a student loan ever be forgiven?
If I voluntarily surrender a vehicle can the sandbank freeze my checking depiction?
Credit History Help?
Cingular alway say's .. ?
Who does the bills?
If you owe money to creditors?
Answers: I like Robert Kiyosaki's interpretation from Rich Dad Poor Dad. An asset puts money in your pocket, whereas a liability take money out of it.
Assets are things of value that you hold.
Liabilities are claims against those assets.
Thus if you own an asset free and clear, you have one liability, your own claim of ownership.
So owner equity is that final liability that say the business owes the owner any residual value after all other liability are discharged.
Assets: that is all the stuff you own. Examples: your house, your coup¨¦, your computer, your jewelry, your bank accounts, your retirement fund, etc. All these things have your pet name on it as the owner.
Liabilities: that is all the stuff you owe somebody. Example: mortgage, saloon loan, credit card debt, personal loan, etc. This is the money you have to pay fund to people or companies who have lent it to you.
An asset is something that you own A liability is something you owe. That be the first statement said when I studied account in giant school back it 1960.