what is meant by assets and liabilities ? explain the various types of assets and liabilities
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Answer:
In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. 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!
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liabilities r the persons in society who r useless or did not help anybody. The various types of assets r :
Explanation:
1. the person who helps other in a society.
2. the person who keeps the town clean. etc
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