Question

What are Assets and Liabilities ??

Answer 1

Answer:

Who do something for the development and growth for the country they are asset but who does not do any job they are liable for this country.

Answer 2

Answer :

Assets :- Assets are economic resources of an enterprise that can be usefully expressed  in monetary terms. Assets are items of value used by the business in its  operations.

Understanding by an  example

Super Baazar owns a fleet of trucks, which is used by it for delivering foodstuffs; the trucks, thus, provide economic benefit to the  enterprise.

Assets can be furthered divided as :-

• Current Assets
• Non Current Assets

                                                                                                       

Liabilities :-Liabilities are obligations or debts that an enterprise has to pay at some time in  the future. They represent creditors’ claims on the firm’s assets. Both small and  big businesses find it necessary to borrow money at one time or the other, and  to purchase goods on credit. Super Baazar,

Understanding by an example

Let purchases goods for Rs. 10,000 on credit for a month from Fast Food Products on March 25, 2005. If  the balance sheet of Super Bazaar is prepared as at March 31, 2005, Fast Food  Products will be shown as creditors on the liabilities side of the balance sheet.

Liabilities can be broadly described as :-

• Current Liabilities
• Non Current Liabilities