DIFFERENCE BETWEEN ASSETS AND LIABILITIES?
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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.
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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
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