Question

What are the different types of assets and liabilities?

Answer 1

Answer:

Explanation:

There are three primary types of liabilities: current, non-current, and contingent liabilities. Liabilities are legal obligations or debt. Capital stack ranks the priority of different sources of financing. Senior and subordinated debt refer to their rank in a company's capital stack.

Answer 2

There are many different types of assets and liabilities.

• Assets : Asset word can be used in different ways in different sectors. But the meaning of it always remain the same. Asset means anything that can provide benefits in future and have potential to give profits in long term.
• e.g. Cash , Inventory,Investments, Machinery, real state, physical assets, technical and human assets, etc.
• Liabilities: Liabilities are something which we owe someone else. Liabilities are like responsibility that we have to carry with us even knowing that they are not giving any profits to us.
• E.g. Bank debt,Wages owed, Mortgage debt, loans, bonds, warantees etc

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