This video is going to go over assets and liabilities and when you subtract those two you get something called net worth which is what we're going to learn about today. A few vocabulary words we need to know the meaning to are an asset is something that you personally own, it's something that you could turn into cash and sell, or things you own. A liability is something you owe, or it's a debt you have to pay it you must pay your debts. And then a net worth is what's left over after you subtract anything you have left over. So I'm going to add, let's come up here. This is like cash something that has value. Then liabilities is something you must pay and then net worth is the amount of money that's left over. An example of something that is an asset and cash is something that you own in your own bank account. The value of your jewelry because you can sell your jewelry to someone to turn it into cash. The value of your car whatever it's worth you could sell it and again turn it into cash. The value of your house again anything you can sell and turn into cash is an asset. Another thing is when you invest in a company and like buy stocks, or you buy bonds or CDs or something financial investments you could sell them and turn them into money. So any of these things would be listed as an asset something that gives you value. The opposite is a liability is something again that you owe you must pay for. So the mortgage on your house and most people just say this is my house payment and that I'm paying every month not rent because you...
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What you should know about Download SALN Form
- Required by R.A. 6713
- Includes information on assets, liabilities, and net worth
- Promulgated on January 23, 2015
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About PH Statement of Assets, Liabilities and Net Worth Form
The PH Statement of Assets, Liabilities and Net Worth (SALN) form is a document required by the Philippine government for public officials and employees to disclose their financial information. It serves as a declaration of their assets, liabilities, and net worth, including their properties, investments, loans, and other financial interests. The SALN form includes sections where one must disclose real properties (land, buildings, etc.), personal properties (vehicles, cash, jewelry, etc.), liabilities (personal loans, mortgages, etc.), and business interests (stocks, bonds, partnerships, etc.). It requires detailed information about the nature, location, acquisition cost, and current value of these assets and liabilities. The purpose of the SALN form is to promote transparency and accountability among public officials and employees. By disclosing their financial details, it helps prevent corruption, conflicts of interest, and illicit enrichment. It also allows the public to scrutinize their wealth accumulation throughout their term in office, ensuring that their income aligns with their declared assets and liabilities. Public officials and employees, including government officials, elected officials, and civil servants, are required to submit the SALN form annually. This includes those in the executive, legislative, and judicial branches, as well as government-owned and controlled corporations (GOCCs) and agencies. The SALN submission is mandatory, and failure to comply may result in penalties, including administrative charges or removal from office in severe cases. Ultimately, the SALN form is an essential tool in promoting transparency, preventing corruption, and holding public officials accountable for their financial activities.
How to complete a Download SALN Form
- Read the form description provided
- Fill in the required information accurately
- Ensure to include all assets, liabilities, and net worth as of the specified date
- Carefully review the information before submitting the form
- Click the download button to save a copy of the filledout form
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