Question

points related to assets and liabilities ?​

Answer 1

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.

Answer 2

Answer:

Assets : Assets are the items that your company owns that can provide future economic benefits. EXAMPLE :PLANT AND MACHINERY

BUILDING

CASH... ETC... (which can sell)

Liabilities: liability are what you owe other parties.. Example:overdraft, bills payable, creditors.. Etc..

Hopefully this will help u get your answer.... : )