define liabilities and assets
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In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out
Examples of assets are -
- Cash
- Investments
- Inventory
- Office equipment
- Machinery
- Real estate
- Company-owned vehicles
Examples of liabilities are -
- Bank debt
- Mortgage debt
- Money owed to suppliers (accounts payable)
- Wages owed
- Taxes owed
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Answer:
it is a simplest form your balance sheet can be divided in two catagoress assets and liabilities . assets is the item your company owns that can provide future economic benefits . liabilities are what you owe other parties ......
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