Transcription of C H A P T E R Assets, Liabilities, and Net Worth 3
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C H A P T E R Assets, Liabilities, and Net Worth 3
CHAPTER. Assets, liabilities , and Net Worth 3. OVERVIEW Progress Notes Assets, liabilities , and net Worth are part of the language of finance. As such, it is important to understand both After completing this chapter, their composition and how they fit together. Short defi- you should be able to nitions appear below, followed by examples. 1. Recognize typical assets. Assets 2. Recognize typical liabilities . Assets are economic resources that have expected future 3. Understand net Worth benefits to the business. In other words, assets are what terminology. the organization owns and/or controls. 4. See how assets, liabilities , liabilities and net Worth fit together. liabilities are outsider claims consisting of economic obligations, or debts, payable to outsiders.
P r o g r e s s N o t e s Assets, Liabilities, and Net Worth OVERVIEW Assets, liabilities, and net worth are part of the language …
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