AAEC 2104 Lecture Notes - Lecture 3: Fokker E.Ii, List Of Fables Characters, Gross Income
4 Sep 2016
School
Department
Course
Professor
Document Summary
Measuring your financial health: where are you today? a. i. Balance sheet: what you own and how you have paid for it, what you own versus what you owe on a given date, terms c. i. Assets- what you own, listed at a fair market value c. ii. Liabilities- your debts, what you owe to someone c. iii. Balance sheet- assets: automobiles-value of all autos, personal property- collections, clothing, furnishing, etc, other- anything else you own that"s not listed above c. i. Value (equity) of any businesses you own c. ii. Classifications of assets: monetary- liquid b, tangible. Liabilities: what you legally owe as of today, current liabilities- due within 1 year b. i. Payables- bills you owe but haven"t paid yet b. i. 1. Utilities, taxes, insurance premiums, credit card balances: long term or non current liabilities c. i. Net worth: what you are worth in dollars: your wealth, net worth= total assets- total liabilities, want it to be positive, want it to grow over time.
