Friday, 10 April 2015

Difference between Assets and Liabilities


An asset is anything, which you own and which is valuable, whether it is tangible or intangible. Assets are said to have positive economic value. Simply put an asset is something that is worth money and which a person can exchange for money.



Examples of tangible assets, that is assets we can see and touch, are cash, goods or inventory, land, buildings and equipment. Examples of intangible assets, that is, assets which we cannot see or touch, are trademarks, copyright, patents, goodwill and stock.


A liability on the other hand is an obligation – for example money that must be paid or services that must be performed. A liability is the result of a past transaction or event. Settlement of a liability usually involves the handing over of an asset. Examples of liabilities include salaries payable, accounts payable, as well as long or short-term loans which individuals or companies take and which they, of course, have to pay back.



To put it simply, an asset is something that you OWN while a liability is something that you OWE.



A financially successful person or company has more assets than liabilities. This means that they have the means to fulfill or settle their obligations. On the other hand, a person or company whose liabilities are more than their assets is probably in trouble.



In managing your finances therefore, you must ensure that your liabilities do not exceed your assets.

This has been courtesy EcoBank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.




Read President Jonathan's Brief Message To Nigerians Ahead Of Tomorrow's Election

This was shared on his Facebook page.



As Nigeria returns to the polls tomorrow, I encourage all registered voters to come out en masse and exercise their right to vote. I have instructed our security agents to fully facilitate the right of Nigerians to choose leaders of their choice at the gubernatorial and assembly levels by remaining non partisan and ensuring that we all vote in a secure environment. Because of their sacrifice in securing our nation, we can all be confident to come out and vote our conscience all over the federation. I urge contestants to respect the will of the people as we promote a new Nigeria that is a pacesetter and light bearer in the practice of democratic politics without bitterness. May God bless Nigeria. GEJ







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Video: Hilarious Jega Election Result Stage Play At AY Live



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Lwkmd why did I open this in office self I don gather crowd with my laff grin grin



Checkout AY, Helen Paul, Seyi Law, Funny Bone, Ushbebe,

Shakara, Acapella, recreating all the drama that followed the recent INEC results collation by professor Jega. It was one of the most hilarious part of AY Live that had everybody in stitches on Easter Sunday. The Kano and

Rivers State results, and of course the Orubebe fracas was

fully exposed in another AY's live skits.



These guys killed it especially the orubebe part lol grin grin







orubebelism grin









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Employ Maid Under 12 Yrs And go to Jail


The National Agency for the Prohibition of Trafficking in Persons, NAPTIP, has warned that employment of children below the age of 12 as domestic helps is now a criminal offense, which attracts a minimum jail term of two years with no option of fine.



The Director-General of NAPTIP, Mrs Beatrice Jedy Agba, who made this known while presenting the new Trafficking in Persons (Prohibition) Enforcement and Administration Act in Abuja yesterday, said “the Act has come into operation with effect from March 26th, 2015, which is the date that President Goodluck Jonathan assented to it”.



She added that “The New Act prohibits the employment of a child below the age of 12 years as a domestic help, while the exploitation of a child under the age of 18 years who is employed as a domestic help is also prohibited”.



Mrs. Agba recalled that the Agency in 2011, based on identified gaps in the TIP Act 2003 as amended in 2005, had proposed its re-enactment to enable NAPTIP and its partners combat trafficking in persons better than it was doing.