Question

what is meant by liablity and assets​

Answer 1

Answer:

Liabilities are the debts that enterprise has to pay and assets are value resources in the business

Explanation:

Answer 2

In Accounting, assets and liabilities are two components in the balance sheet.Balance sheet shows a comparison between the overall asset and liability at company's disposal within a specific time period.

Explanation:

Assets are the items or anything at the business disposal that can generate future value or financial benefits to the company.Assets usually increase company's value and equity in future by generating more potential revenue and profit.Some of the prominent examples of assets in business includes liquid cash, capital and material investment, raw materials, inputs, machinery, company vehicle etc.All of these items or components can be used in production/business and evidently generate future value for the company in the form of profits or revenue.

Liabilities are usually financial burden that the company owes to another entity and indicate financial outflow.Thus, as opposed to assets, liabilities implies outflow of company assets.Some of the examples of liabilities include bank debt against any loan, tax payable, outstanding wages, accounts payable and so forth.