Question

DIFFERENCE BETWEEN ASSETS AND LIABILITIES? ​

Answer 1

Answer:

The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. ... Even if there are far more assets than liabilities, a business cannot pay its liabilities in a timely manner if the assets cannot be converted into cash.

Answer 2

Explanation:

Assets provide a future economic benefit while liabilities present a future obligation.

Assets classified as Non current assets and current assets while liabilities classified as non current liabilities and current liabilities