What is an Asset?
Updated: Mar 19
Bookkeeping as a whole relies on a few concepts that are necessary to the business. Some of these terms include Assets, Liabilities, Equity, Revenue, Expenses, & Profit & Loss .
Today I wanted to help define an asset to help you better understand your finances.
Remember, Assets = Liabilities + Equity.
Assets are the property and cash your business owns that has value.
What are some forms of assets, Logan?
Some forms of assets are Cash, Vehicles, Tools & Equipment, Buildings, & Trademarks. All assets are resources that can be converted into cash or for consumption.
In layman's terms. Understanding your assets, and when to utilize them is vital.
Comments