Question

define liblities and asset​

Answer 1

Answer:

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!

Answer 2

Answer:

Here is ur answer:

An asset as something your company owns that can provide future economic benefits. Cash, inventory, accounts receivable, land, buildings, equipment  these are all assets.

Liabilities are your company's obligations  either money that must be paid or services that must be performed