Are You An Asset or a Liability in Your Workplace?
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Disclaimer: This article is not a financial article, but instead, an article about the worth you bring to your workplace. It is referenced with a few basic accounting terms to make a clear point.
A fundamental balance sheet accounting concept is that of Assets and Liabilities. To create a foundation for the title question of this article, for just a moment, let's review:
- Assets are a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit. Assets are recorded on the left side of a Balance Sheet and can include cash, accounts, equipment, property or land.
- Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations. Recorded on the right side of the Balance Sheet, liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses.
In short, assets put money in your pocket, and liabilities take money out!
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