What are Assets? Explained with Examples

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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.

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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

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