Question

What do you mean by Assets and Liabilities???

Answer 1

Assets:-

These are the items that are owned by your company which can provide future benefits for economic management.

Liabilities:-

Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!

Answer 2

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Assets:

Assets are the resources possessed or controlled by company to generate income in the future is known as an asset. Assets are classified into current assets, fixed assets, and intangible.

Liabilities:

Liabilities are contractual agreements made by a company to pay certain amount to suppliers, lenders, or any organizations which arise due to operations of business. Liabilities are classified into current liabilities and long-term liabilities.