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Introduction
Prerequisite #1
Prerequisite #2
Prerequisite #3
Genesis - Abraham
Genesis - Jacob
Levitical Tithe - Background
The Levitical Tithe
The Levites
Malachi - Robbing God
The Other Tithes
Church History of Tithing
Summary
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PREREQUISITE #3 - DEFINITION OF ASSET
Definition of asset from Webster's Dictionary:
as·set, n.
1. a useful and desirable thing or quality: Organizational ability is an asset.
2. a single item of ownership having exchange value.
3. assets,
3. a. items of ownership convertible into cash; total resources of a person or business, as cash, notes and accounts receivable, securities, inventories, goodwill, fixtures, machinery, or real estate (opposed to liabilities).
3. b. Accounting. the items detailed on a balance sheet, esp. in relation to liabilities and capital.
3. c. all property available for the payment of debts, esp. of a bankrupt or insolvent firm or person.
3. d. Law. property in the hands of an heir, executor, or administrator, that is sufficient to pay the debts or legacies of a deceased person.
Based on the above definition, we can see that some examples of assets would include cash, securities, inventories, land, buildings, equipment, etc.
Now let's see if we can classify some items as either assets or income.
Wages of a Carpenter - Are wages income? Yes, wages are payment or compensation received for services rendered. If the wages are paid in money, the money, when received, becomes an asset since cash is an asset by definition.
A Rental House - Is the house income? Definitely not. The house isn't a payment or compensation. Since the house is property, a building, it is classifed as an asset. Rents received from renting the house would be the income.
Trees - Trees do not represent a payment of any kind and just don't fit the definition of income in any way. Do trees qualify as assets? Yes, they are property of a person or business. The sale or exchange of a tree would create income.
Fruit (from a tree) - Is the fruit from a tree income? No. Again, the fruit is not a payment or compensation. Fruit would be classified as an asset because it is property, and most likely a part of inventory of a business. The sale or exchange of the fruit would create income.
Cattle - Are the animals income? No, they are not a payment or compensation. The animals are property of a person or business, and therefore would be classified as assets. The sale or exchange of the animals would result in income.
Now let's continue to Abraham's Tithe by clicking here.
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