what is liability,asset and capital
Answers
liability-
the state of being legally responsible for something.
a thing for which someone is responsible, especially an amount of money owed.
asset-
a useful or valuable thing or person.
capital-
the city or town that functions as the seat of government and administrative centre of a country or region.
Answer:
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, earned premiums, unearned premiums, and accrued expenses.
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.
Capital is a large sum of money which you use to start a business, or which you invest in order to make more money. ... You can use capital to refer to buildings or machinery which are necessary to produce goods or to make companies more efficient, but which do not make money directly.
Explanation:
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