Question

What is Asset? What is Liability?​

Answer 1

Answer:

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!..

Answer 2

Answer:

Assets :

Assets are the items your company owns that can provide future economic benefit.

Liabilities:

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