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What are Assets? Explained with Examples

You’ve probably used the word “asset” many times in your life. It’s a fairly common word that we use in our personal lives as well as in the world of business. But what exactly is an asset? Is your car an asset? Your house? What about the money sitting in your bank account? Working out whether something is an asset is important because it can help determine the overall health of your business or personal finances. So in this video we’ll take a look at what exactly an asset is so you can work out whether something is an asset or not in both your business and personal lives. ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Timestamps: 00:00 What are Assets? Explained with Examples 00:25 What are assets? 00:35 Personal assets 01:05 Personal asset definition 01:45 Is a house an asset? 02:21 Business asset definition 02:36 Accounting definition of an asset 02:53 Is a car an asset? 03:15 Is cash in a bank account an asset? 04:08 Business vs personal assets 04:31 Which assets go on a balance sheet? 04:54 Example of assets to include on a balance sheet ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ⚖ DISCLAIMER Information provided in our videos does not constitute financial, taxation, legal, business or other professional advice. If you make a purchase through an affiliate link provided here we may receive a commssion. We do not accept any responsibility or liability for purchases made through third-party vendors, websites, or services. It is your reponsibility to review and understand the terms, conditions, and policies of third parties before making any purchases.