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net asset
finance
Also known as: net worth
Learn about this topic in these articles:
direct taxation
- In taxation: Direct taxes
Taxes on net worth are levied on the total net worth of a person—that is, the value of his assets minus his liabilities. As with the income tax, the personal circumstances of the taxpayer can be taken into consideration.
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financial statements
- In accounting: The balance sheet
…is always equal to the net assets (assets minus liabilities). Any increase in one will inevitably be accompanied by an increase in the other, and the only way to increase the owners’ equity is to increase the net assets. This is known as the fundamental accounting equation.
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