Examples
of tangible assets, that is assets we can see and touch, are cash, goods or
inventory, land, buildings and equipment. Examples of intangible assets, that
is, assets which we cannot see or touch, are trademarks, copyright, patents,
goodwill and stock.
To
put it simply, an asset is something that you OWN while a liability is
something that you OWE.
A
financially successful person or company has more assets than liabilities. This
means that they have the means to fulfill or settle their obligations. On the
other hand, a person or company whose liabilities are more than their assets is
probably in trouble.
In
managing your finances therefore, you must ensure that your liabilities do not
exceed your assets.
This
has been courtesy EcoBank as part of The Bankers Committee Financial Literacy
Public Enlightenment Programme brought to you by The Bankers Committee,
comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria,
CBN.
57 comments:
Nice lecture. I felt like an online student while reading dis. Lol
Edutainment reloaded...on LIB!
Great sermon. webdona.blogspot.com
AND MOST TYMS PPLE GO ABOUT ACQUIRIN LIABILITIES AND VRY FEW OR NO ASSETS....TOMJERRYSWIT
a.k.a EDWIN CHINEDU AZUBUKO said...
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This blog don turn economic class neh.... But niceone though.....
.
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***CURRENTLY IN JUPITER***
Linda the project you promised to roll out to young ladies, have you put that in the back burner? Talk that talk and toss the a/l accounts. You don become accounts lecturer or what?
Ok. Noted.
In real life liabilities are people who drain energy off you. Assets are people who add value to your life. Just saying.
Ecobank thanks for the lecture.
Oh! Nice one, and thanks for dis. Thumbs up to them, and more power to their elbows.
Are this guys for real? Are they trying to lecture a school boy or what? What a waste of my time reading this.
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No blabla scammer or time waster know what you want please
Seen.
Thanks for the lecture.
Okiie seen, thanks for keeping us informed. Linda take note!
Okiie seen, thanks for keeping us informed. Linda take note!
Correct, dat reminds me of financial accounting years back at school. Its well
Okiie seen, thanks for keeping us informed. Linda take note!
Heard
Thanks for info.....
Nice post....keep it up.....#educative#
Thank you Ecobank
for a min I tot Linda was giving us free financial lesson until I got to the end. No one is that nice these days.
Good explanations. Simply put, an asset is something of value that adds money to ur pocket while a liability is something that takes away money from your pocket. Your asset gives u your income, your liability incurs your debt
Ok Linda... Thanks for d lecture
Tanx for enlightening us madam lindinwe
Nice one linda...according to Assets are resources own and control by an organisation as a result of past event, upon which future economic benefits are expected to flow (in), while liabilities are obligations incurred as a result of past event, upon which economic benefits are expected to flow (out). For you to say it's an asset, you must own it and control it. #winks
thank you....
lol, u don turn banker?
Hmmmm very educative, atleast I just learnt something frm this. God bless the bankers committee
Well said! But who is a "BABY MAMA? ASSET or LIABILITY?
Well said! But who is a "BABY MAMA? ASSET or LIABILITY?
Well said! But who is a "BABY MAMA? ASSET or LIABILITY?
This is the problem with most people.
Asset is the item that brings money into your hands while liability is the item that takes money out of you hands at the present moment
Noted
GOOD ONE FROM LINDA BUT DEFINITION AND EXPLANATION IS NOT TOO TAP.
D comparism makes a lot of sense. Nice one.
I think this is very wrong...if assets can be more than liabilities, then why does the balance sheet - which comprises of assets and liabilities - always balance. in truth assets will always equal liabilities. What differs is their source. E.G. I borrow 100 naira to do business. The borrowed money is a liability, but also an asset as it is my source of capital.
Linda has gone educational!!
Nice One
@UmehOma
Nice Lecture!
Really informative.
Liabilities could also be used to increase assets. If you borrow money and use it to invest and make more money, the liability has increased your asset.
This is pretty wrong.
some things cost money, but are liabilities. Cos they depreciate.
Liabilities is poverty mind condition and Asset is wealth mind condition.
Kindly click
Snap Out of it - The Poverty Mind Condition
I don't know where you went to school or if you used bottom or gifts and wine to pass your exams. The balance sheet always balance because of owner's equity.
Nice one
Lesson learnt
Nice 1..
Tnk u for dis info..
the picture dat came with dis post is wrong... liabilities weigh someone down while an asset does the Opposite. so I tink assets should be up nd Liabilities "down"
The must own OR control the asset. Not own and control...
Nice lecture, always have to make sure liabilities don't overwhelm us.
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To me asset is something you have or own that's has value Y at time x. That still has value at least Y at time x+1, when inflation and in rare case deflation, is taken into consideration, if services are involved, it should have value of Y+services. That rules out cars, depreciable assets. Stocks can in some cases.
EXCELLENT POST LINDA, EVEN THOUGH SPONSORED IT'S THE BEST EVER...THIS IS EXACTLY WHAT A POWERFUL BLOG LIKE YOURS SHOULD BE DOING
EMPOWERING NIGERIANS AND TEACHING THEM HOW TO CONTROL THEIR DESTINY EN-MASSE
WELL DONE. PAT ON THE BACK
Next time anyone asks you about your ASSets, it has nothing to do with the first 3 letters. Observe
In a simple form...... Asset put money into ur pocket while liability takes money out of ur pocket...
Nice one bt I have a better explanation to that. Working class wife n a full time house wife
Assets is heavier or ideally should be. Thats why its down cos ut weighs more
*it
Hv learnt, thank u
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