To determine whether this classmate's family is indeed wealthy, you would need to be aware of both their assets and their debt.
An asset is a resource having economic worth that a person, assets organization, or nation owns or manages with the hope that it may someday be useful.
A company's balance sheet lists its assets. They are divided into current, assets fixed, financial, and intangible categories. They are acquired or wealthy produced to raise a company's worth or enhance its operations.
Whether it's a piece of manufacturing equipment or a patent, an asset can be looked of as anything that can, in the future, increase sales, lower wealthy costs, or generate cash flow. To determine whether this classmate's assets family is indeed wealthy, you would need to be aware of both their assets and their debt.
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