what ia the differencw between asset and liablity?
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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!
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The points given below are substantial, so far as the difference between assets and liabilities is concerned: In accounting context, assets are the property or estate which can be transformed into cash in the future, whereas liabilities are the debt which is to be settled in the future.
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