According to accountants the food in my fridge and the cocaine on the table is an asset. Even credit card debt can be an asset according to the accountants. Acc

According to accountants the food in my fridge and the cocaine on the table is an asset. Even credit card debt can be an asset according to the accountants. Accounting expenses as assets just because you can sell them is stupid. Let’s divide the things that earn money from the things that cost money. Some of those things you can own. If they are a thing you own but cost money and you plan to consume it (house, car, food) it’s a liability. If they are thing you own that earns money or you plan on selling for profit it’s an asset. A home could be an asset, but they usually aren’t. People don’t buy homes to sell them at a profit or rent them out, they buy them to consume/live in them (like a car). Thus they’re a liability. Most people buy a mortgage not a home, so no the house they live in is definitely not their asset. It’s the banks asset, and their mortgage is a huge liability.