Examples of personal assets and liabilities
What are examples of 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.
What are 4 examples of personal liabilities?
Loans. Mortgages. Student loans. Taxes (property taxes, income taxes, sales tax)
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 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 personal liabilities?
Personal liability occurs in the event an accident, in or out of your home, that results in bodily injury or property damage that you are held legally responsible for.
What are personal assets and liabilities?
Assets include the value of securities and funds held in checking or savings accounts, retirement account balances, trading accounts, and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes, and mortgages.
What are the 3 types of liabilities?
There are three primary classifications for liabilities. They are current liabilities, long-term liabilities and contingent liabilities. Current and long-term liabilities are going to be the most common ones that you see in your business.
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.
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.
What are the common examples of liabilities?
Examples of liabilities are –
- Bank debt.
- Mortgage debt.
- Money owed to suppliers (accounts payable)
- Wages owed.
- Taxes owed.
What is liability give at least 5 examples of liability of a business?
Some common examples of current liabilities include:
- Accounts payable, i.e. payments you owe your suppliers.
- Principal and interest on a bank loan that is due within the next year.
- Salaries and wages payable in the next year.
- Notes payable that are due within one year.
- Income taxes payable.
- Mortgages payable.
- Payroll taxes.
What are the different types of liabilities?
What are the Different Types of Liabilities?
| Types of Liability | List of Liabilities |
|---|---|
| Current liabilities | Accounts payable Short-term loans Accrued expenses Bank account overdrafts Bills payable Income taxes payable Customer deposits Salaries payable |
| Contingent liabilities | Warranty liability Lawsuits payable Investigation |
What are examples of current liabilities?
Some examples of current liabilities that appear on the balance sheet include accounts payable, payroll due, payroll taxes, accrued expenses, short-term notes payable, income taxes, interest payable, accrued interest, utilities, rental fees, and other short-term debts.
Is a car a liability or asset?
The vehicle itself is an asset, since it’s a tangible thing that helps you get from point A to point B and has some amount of value on the market if you need to sell it. However, the car loan that you took out to get that car is a liability.
Is cash a liability or 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. Liquidity is the ease with which an asset can be converted into cash.
What are the 3 types of liabilities?
There are three primary classifications for liabilities. They are current liabilities, long-term liabilities and contingent liabilities. Current and long-term liabilities are going to be the most common ones that you see in your business.
Is a credit card an asset?
Assets also include the value of your home, a collection of artwork, jewelry, your car, home furnishings and precious metals (i.e. gold and silver bars). Credit cards do not increase your net worth because credit cards are not assets, they are liabilities.
Is jewelry an asset?
Yes, jewelry can be viewed as an asset, especially if the jewelry in question is worth a lot of money and has held its worth over time.