Question

what is the difference between assets and liabilities?​

Answer 1

Answer:

Assets

Liabilities

What does it mean?

Assets are items possessed by a business that will provide it benefits in future. Liabilities are items that are obligations for a business

Impact of Depreciation

Assets are depreciable in nature Liabilities are non-depreciable in nature

Formula used

Assets = Liabilities + Shareholder’s Equity Liabilities = Assets – Shareholder’s Equity

Answer 2

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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!