Question

what is meant by assets and liabilities

Answer 1

Answer:

Assets are what a business owns and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equals equity, or an owner's net worth.

Explanation:

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Answer 2

Answer:

See below...

Explanation:

Assest

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.

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.