It is important to know, even if you are not a business owner, several concepts that have to do with the financesince day by day at home or at work you will have to relate to the economy.
Two key concepts to consider are the actives and pasives in accounting. Here we tell you what these financial concepts mean.
What are assets?
Assets comprise assets, rights and other resources owned by a person or company. In the case of companies with these resources, movable and immovable, this can develop their operational functions. In a home it is what can be counted on in general, such as financial resources, the house, furniture or automobiles that can be had.
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According to the ‘Personal Finance’ portal, assets are divided into two types:
– Current assets: They refer to assets that become liquid assets, that is, when the time comes for their sale, they can be converted into cash without losing their value. An example of this is investment funds or cash deposits.
– Non-current assets: They are known as fixed assets and are those assets that cannot be converted into cash, such as a patent, a brand, property such as a house or an apartment.
What are passives?
On the other hand, liabilities are debts or commitments that must be paid, such as:
– Financial obligations: They are held with banks or other financial entities such as cooperatives.
– Suppliers: In the case of companies, they are the debts that they have for the purchase of merchandise or inputs, especially those that transform raw materials.
-Taxes: all taxes or taxes that must be paid.
– Expenses payable: In companies they are the ones that they must pay monthly such as taxes, wages, salaries and fees. In a home they can be constituted as rents, public services and food.
These concepts are very important for your work and personal finances, since by knowing them you will be able to have a clearer picture of what you have and what you owe.
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