An asset is anything that you control and has an economic value, and which you expect to return benefits sometime in the future or generate income. On the other hand, a claim against that asset is what we call a liability. The drawback arises from business operations or transactions and does not return a profit.
So based on this definition, is your automobile an asset or a liability? Many people will argue that their vehicle is a liability because of the numerous associated expenses. Let’s explore more.Read more