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Difference between asset and liability.
Pls answer according to Class 9 economics.
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Answers
Answered by
1
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
3
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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