PREREQUISITE #2 - DIFFERENCE BETWEEN INCOME AND ASSETS
In our studies of the firstfruits offerings, we will find that the firstfruits were always food, from crops. Before going further, we need to understand the difference between income and assets.
Includes all property owned, both tangible and intangible.
For a person, assets can include real estate, such as land, buildings, a house; cash, including gold and silver; furniture, etc.
For a business, assets usually include real estate owned by the business, inventories, machinery, etc.
For a farmer, assets include the real estate, such as the land and farm buildings; the crops; the farm animals, etc.
Income is the money or equivalent that comes from the sale of assets or for services rendered. In other words, for a farmer, income might include money or the equivalent that comes from the sale of crops, animals, milk from the cows or other animals, eggs from chickens, etc.
For an individual, income may come from providing services rendered, such as a farm worker, carpenter, tradesman, accountant, doctor, nurse, etc.
When studying the scriptures on firstfruits offerings, be sure you understand the difference between assets and income. Be sure you can identify whether the firstfruits offerings came from assets or from income. This is vital to understanding firstfruits offerings.
Now let's continue to Prerequisite #3 by clicking here.