Question

difference between assets and liabilities?​

Answer 1

The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. ... One must also examine the ability of a business to convert an asset into cash within a short period of time.

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Answer 2

Answer:

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ASSETS

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

• In financial accounting, an asset is any resource owned by the business.

• Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.

• Simply stated, assets represent value of ownership that can be converted into cash.

LIABILITIES

• Liabilities are legally binding obligations that are payable to another person or entity. Settlement of a liability can be accomplished through the transfer of money, goods, or services.

• A liability is increased in the accounting records with a credit and decreased with a debit.