Social Sciences, asked by vanshg28, 8 months ago

GOOD MORNING FRIENDS,

Difference between asset and liability.
Pls answer according to Class 9 economics.
Do not post useless questions.

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Answers

Answered by walker6388

Explanation:

In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. 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!

Answered by Anonymous

Explanation:

According to accounting standards,

assets

are something which is owned by you and can provide future economic benefits.

Example: Land & buildings, cash in hand, Cash at bank etc.

Liabilities

are something which an individual or a company owes.

Example: Bank overdraft, account payable etc.

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