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Understand the Difference Between Assets and Liabilities
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[QUOTE="King bell, post: 265307, member: 75687"] If you're into business , finance, budgeting, or taxes, you've surely encountered the terms "asset" and "liability." While they seem like they would mean the same thing, it turns out that these financial terms are not interchangeable. Assets are things that increase your wealth and will usually stay with you a while before being sold (i.e., a piece of land or property). Liabilities refer to debts or obligations (like monthly mortgage payments) that come due soon and may be paid off after some time. What is an Asset? An asset is anything that is owned or owed by a business or person. It can be a building, piece of land, car, computer, cash in the bank, a patent or copyright, money loaned and many other valuable items. Everything you own has some value. When assets are sold they can bring income to the owner. What is Liability? A liability is debts that are assumed by a business or person. It includes all obligations such as bonds and mortgages but also includes income taxes not yet paid (liabilities) and credit card balances that have to be paid off at some point in time (a future liability). [/QUOTE]
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