Question

What is the difference between Asset and Liability?​

Answer 1

The difference between assets and liabilities. The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. ... One must also examine the ability of a business to convert an asset into cash within a short period of time.

Answer 2

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What is the difference between Asset and Liability?.${\huge{\orange{\ddot{\smile}}}}$

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$\large\fbox{\color{purple}{Solution}}$ Text..........

The difference between assets and liabilities. The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. ... One must also examine the ability of a business to convert an asset into cash within a short period of time.

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