Question

define : liability and asset

Answer 1

Accounting standards define an assetas something your company owns that can provide future economic benefits. Cash, inventory, accounts receivable, land, buildings, equipment -- these are all assets. ... A successful company has more assets than liabilities, meaning it has the resources to fulfill its obligations.

Answer 2

Assets can be defined as the future making profit .we can use it today for production as well as account receivable and stock.. whereas liablity is a part of asset .. liablity is a firm’s payable capacity .. both capital and liablity are require to run a company ..