Quick Answer: What Are Examples Of Assets And Liabilities?

What are examples of current liabilities?

Current liabilities are listed on the balance sheet and are paid from the revenue generated from the operating activities of a company.

Examples of current liabilities include accounts payables, short-term debt, accrued expenses, and dividends payable..

What mean liabilities?

A liability is something a person or company owes, usually a sum of money. … Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.

Is a phone an asset?

There are several types of assets. That said, all assets are the same in that they have financial value to a business (or individual). Types of fixed assets common to small businesses include computer hardware, cell phones, equipment, tools and vehicles.

What are example of assets?

Personal Assets Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills. Property or land and any structure that is permanently attached to it. Personal property – boats, collectibles, household furnishings, jewelry, vehicles.

What are some examples of liabilities?

Examples of liabilities are -Bank debt.Mortgage debt.Money owed to suppliers (accounts payable)Wages owed.Taxes owed.

What are the 3 types of assets?

Different Types of Assets and Liabilities?Assets. Mostly assets are classified based on 3 broad categories, namely – … Current assets or short-term assets. … Fixed assets or long-term assets. … Tangible assets. … Intangible assets. … Operating assets. … Non-operating assets. … Liability.More items…

What are 2 types of liabilities?

Current liabilities (short-term liabilities) are liabilities that are due and payable within one year. Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more. Contingent liabilities are liabilities that may or may not arise, depending on a certain event.

Which assets can be converted into cash?

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.

What are 5 assets?

Common types of assets include current, non-current, physical, intangible, operating, and non-operating.

Is a loan an asset?

Loans made by the bank usually account for the largest portion of a bank’s assets. … This legally binding contract is worth as much as the borrower commits to repay (assuming they will repay), and so can be considered an asset in accounting terms.

Is a car an asset?

The short answer is yes, generally, your car is an asset. But it’s a different type of asset than other assets. Your car is a depreciating asset. Your car loses value the moment you drive it off the lot and continues to lose value as time goes on.

Is a house a liability or an asset?

A house, like any other object that comes into your possession, is classified as an asset. … You can offset the value of the asset with the value of the mortgage, your liability. Your house, an asset, subtracted by your remaining mortgage, your liability, results in your wealth due to your house.