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An asset is something tangible of value that a person owns. A person has non-current and current assets.

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Non-current Assets include items that have a useful life of more than one year.

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Examples of Non-current assets are land, machinery, breeding livestock, etc.

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Current assets are items quickly converted to cash or that will be sold within 12 months.

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Examples of current assets are cash, checking, savings, stocks, and non-depreciable inventory of crops, livestock, etc.

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A liability is a debt! A person has non-current and current liabilities.

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Non-Current liabilities are debts not due this year

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Examples of non-current liabilities would be the mortgage for the house (not including this year's payment)

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Current liabilities are debts due to be paid this year.

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Examples of current liabilities are fertilizer and feed bills,
tractor and building payments, and the part of mortgage due this year.

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To calculate your Net Worth, you first have to calculate your total assets and total liabilities.

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Total Assets = Current Assets + Non-Current Assets

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Total Liabilities = Current Liabilities + Non-Current Liabilities

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Once you have calculated your total assets and total liabilities you can figure you net worth by:

Total Assets - Total Liabilities = Net Worth

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An inventory helps with calculating Net Worth.

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An inventory is an itemized list of things owned by a business with the beginning value and depreciated value

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There are two types of items in an inventory : Non-depreciable and depreciable.

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Non-depreciable inventory is items that will be used up or sold within a year. Examples include feed, fertilizer, supplies, etc.

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Depreciable inventory are items that have a useful life of more than one year and lose value because of age, wear or becoming out-of-date because of technology advancements.

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Land is not depreciable property!