what is assets? what is liability?what is a accounting equation?
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Answer:
1) What is Assets?
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations.
2) What is Liability?
A liability is something a person or company owes, usually a sum of money. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
3) What is a accounting equation?
The accounting equation shows on a company's balance that a company's total assets are equal to the sum of the company's liabilities and shareholders' equity. Both liabilities and shareholders' equity represent how the assets of a company are financed.