What are 5 examples of liabilities?

Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

What are 10 liabilities?

Types of Liabilities: Current Liabilities
  • Accounts payable.
  • Interest payable.
  • Income taxes payable.
  • Bills payable.
  • Bank account overdrafts.
  • Accrued expenses.
  • Short-term loans.

What is a list of all assets liabilities and equity?

A company’s Chart of Accounts is a list of all Asset, Liability, Equity, Revenue, and Expense accounts included in the company’s General Ledger. The number of accounts included in the chart of accounts varies depending on the size of the company.

What are 10 examples of assets?

Examples of assets include:
  • Cash and cash equivalents.
  • Accounts Receivable.
  • Inventory.
  • Investments.
  • PPE (Property, Plant, and Equipment)
  • Vehicles.
  • Furniture.
  • Patents (intangible asset)

What are the examples of equity?

Equity can be calculated by subtracting liabilities from assets and can be applied to a single asset, such as real estate property, or to a business. For example, if someone owns a house worth $400,000 and owes $300,000 on the mortgage, the difference of $100,000 is equity.

Is cash an asset or equity?

current asset
In short, yes—cash is a current asset and is the first line-item on a company’s balance sheet. Cash is the most liquid type of asset and can be used to easily purchase other assets.

Is income an asset or equity?

Assets and income differ in a company’s ownership of them. Income is the money that a company continually brings in each time they make a sale. An asset is the money that a business already has in its possession.

What are assets and liabilities examples?

In other words, assets are items that benefit a company economically, such as inventory, buildings, equipment and cash. They help a business manufacture goods or provide services, now and in the future. Liabilities are a company’s obligations—either money owed or services not yet performed.

What are your personal assets?

Personal assets are things of present or future value owned by an individual or household. Common examples of personal assets include: Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills.

Is a car an asset?

Even with all that in mind, a car is an asset because you can quickly put it on the market and convert it to cash, albeit for less than what you paid. That alone makes it an asset by definition. It’s those added costs and the constant decline in value that make a car a depreciating asset.

What is your greatest assets?

Your employees are your greatest asset. It’s not just a cliched statement tossed out by experts in leadership skills. The people who work for your company are your greatest asset. Your company wouldn’t be where it is without the people who are supporting your vision.

Is cash an asset or liability?

In short, yes—cash is a current asset and is the first line-item on a company’s balance sheet. Cash is the most liquid type of asset and can be used to easily purchase other assets. Liquidity is the ease with which an asset can be converted into cash.

Is a house an asset?

A house, like any other object that comes into your possession, is classified as an asset. An asset is something you own. A house has a value. Whether you assign the value as the price at which you purchased the house or the price at which you believe you can sell the house, that amount is how much your house is worth.