A great topic to discuss-Assets and Liablities

Assets and liabilities are two vast concept. According to me this topic should be taught to the Indian children in the middle school as these are necessary topics but most of the Indian students come to know about these terms while they are appearing their intermediate. Now what to say about our education system.The things which will help us through our life time.They think this topic shouldn't be taught to the lower class.
So come let us now discuss about assets and liabilities.

What are assets and liabilities?
Assets:-Assets are those thing which makes money for us.
Liabilites:-Liabilites are those thing which take out money from your pocket.

Types of Assets:-
There are six types of assets namely,
Fixed assets:-These assets are fixed.
                          Example:-Land and buildings 
                                            Plant and machinery.
Current assets:-These are those assets which                                   can be converted into cash                                     into cash after a time period.
                             Example:-Bond,Stock,Bank                                                       balance,liquid cash.
Liquid assets:-These are assets that can be                                   easily converted into cash                                      instantly.
                        Example:-Bank balance,cash.
Tangible assets:-These are those assets that 
                              are visible and can be touched.
                            Examples:-Land,Building,stock.
Intangible assets:-These are those assets that   
                                are not visible and cannot be                                   touched but could be sold.
                              Examples:-Patents,Copyright.
Watste assets:-These are those assets whose 
                           money generating potential                                 becomes low with respect with 
                           respect to time.
Types of liabilities:-
There are three types of liabilities namely,
Fixed liabilities:-These are those for which we                                  have to pay after a long time.
                                 Example:-Long term Loan.
current liabilities:-These are those for which 
                                  we have to pay in a regular
                                   interval.
                                  Example:-Credit card bills,                                                  House loan,car loan.
Contingent liabilities:-These are those which  
                                       Change according to 
                                        time.
                                    Examples:-pending court                                                           case.
Something to discuss
 We all have certain assets and liabilities but the main thing to learn is that at every stage of life we should try to keep the amount of liabilities less than assets.
Because as much your liability decrease you will get more profit.
Every rich person know about this and we all should also know about this.

Thanks for reading. 

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