Define asset use, asset exchange, asset source and claims exchange

Define asset use, asset exchange, asset source and claims exchange?

ASSETS?

What is it? Assets are things you own, such as cash, real estate, stocks, and bonds. In the case of a business, assets also include inventory. On a balance sheet, assets contribute to the positive side, and liabilities contribute to the negative side. For example, if you own a $100,000 house with a $60,000 mortgage, you would have $40,000 of the houses equity on the assets side of your balance sheet, because you own that portion of the house; the $60,000 would appear on the liabilities side of your balance sheet because you owe that amount to your mortgage lender.

Having fully explained what assets are.
Now you can try yourself in defining the
Above terminology.
Have a go!
We shall endeavour to correct your ideas for you.
You must have a go yourself, first.

Asset use: the amount of the home that goes under assets

Asset source : where the asset comes from in this case the portion of the house owned

Claims exchange: where u make the difference from a number and calculate the asset and liabilities

Is it exchange of claims or use of assets if I incurred operating expenses on account?

Is it exchange of claims or use of assets if I incurred operating expenses on account?

Is it exchange of claims or use of assets if I incurred operating expenses on account?

Ahmp,mr. rolcam may I ask you a question?
What is the difference of assets liabilities and owners equity

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Assets are something you own or have the rights to like inventory or accounts receivable.

Liabilities are something you owe like a note payable or accounts payable.

Owners Equity is what the owners have contributed to the business or what the business has retained like Common Stock, Owners Capital account, or Retained Earnings.