Question

What is asset and liability????

Answer 1

Asset means something which is profitable.
Liability means something which is not profitable or causes loss.

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Answer 2

An asset is anything of value that can be converted into cash. Assets are owned by individuals, businesses and governments.




A liability is an obligation and it is reported on a company's balance sheet. A common example of a liability is accounts payable. Accounts payable arise when a company purchases goods or services on credit from a supplier.