What are assets and liabilities?

Question

please help

thankyouu

Answer 1

In bookeeping terms, an asset would be cash on hand, accounts receivable (money owed to you), property owned by you (no outstanding debt on property), inventory, basically anything with a value. A liability would be accounts payable, such as debt on a loan, employees salaries and benefits, anything that you (or the company) is obligated to pay.

Answer 2

Assets

Accounting -The entries on a balance sheet showing all properties, both tangible and intangible, and claims against others that may be applied to cover the liabilities of a person or business. Assets can include cash, stock, inventories, property rights, and goodwill.

capital asset - A long-term asset, such as land or a building.

Liabilities The financial obligations entered in the balance sheet of a business enterprise.
an obligation, responsibility, or debt.

Answer 3

Liabilities are something that cost you money every month, such as a car payment, or mortgage payment. Assets are something of value that either bring in money or something like a home that you own out right.

Answer 4

Assets are things of value, like your bank account or jewelry. Liabilities are things you owe, like a credit card or car payment.

Answer 5

Assets are what you own. Liabilities are what you owe.