Short term assets are assets that are held for a short period of time. Most are convertible to cash within a period of a year or less.
What Long Term Asset do you own?
Long term assets are assets that are held for more than a year.
Non-financial assets are assets that derive their value from their physical characteristics. They are not traded in financial markets.
What are your liabilities?
Liabilities are what you owe other parties, simply put, liabilities take money out of your pocket.
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