Question

Differentiate 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:

The Main Difference between assests and liabilites is that Asset provide a future economic benefit while liabilites presents a future obligation