Assignment

ASSETS
1. Vehicles For a family, these are a source of benefit as they aid the family in covering distances in a short span of time, thereby saving time. 2. Television Sets Provide entertainment to the family and help in spending leisure hours more effectively. 3. Books A source that helps a family in increasing its general awareness and knowledge 4. Sports goods Provides the family with entertainment as well as good health 5. Property Provides shelter or causes cash inflows in the form of capital gains and rent payments(in case of tangible assets)

LIABILITIES
1. Loans A source of future cash outflows in the form of principal and interest payments 2. Deferred Wages Payments to be made to the domestic-helpers for services already provided. 3. Taxes Payable Tax payments to be made in future on the income already earned. 4. Credit Cards Payment of credit card bills causes cash outflows long after purchases are made. 5. Purchasing on credit Buying products and services by deciding to make payments at a later date creates the possibility of cash outflows in future.

REVENUE
1. Job Service provided by the working members of the family cause cash flows into the household 2. Tangible Assets Causes cash inflows in the form of capital gains and rent payments for assets such as land, gold etc. 3. Investments in Financial Instruments Produces capital gains and earns interest on the invested amount. 4. Cash Deposits in Banks Earns interest for the family on the amount deposited. 5. Pension Cash inflows in the form of pension earnings of the senior members of the family

EXPENSES
1. Taxes Paid to the government by the earning members of the family. 2. Wages Paid to the domestic helpers of the family. 3. Water/Electricity bills Paid, generally monthly, to the concerned bodies by the family for the usage of these services. 4. Tuition fees Borne by the family for the education of its members. 5. Maintenance Charges Incurred to keep the house in a proper, livable condition.