2007-04-13 00:48:21 · 3 answers · asked by Lyniey d 1 in Business & Finance ➔ Small Business
Are you asking for the difference between an asset, something you own, and a liability, something you owe, or breaking down an asset into current assets, long term assets, etc?
2007-04-13 01:35:22 · answer #1 · answered by ANISE 4 · 0⤊ 0⤋
Assets are what you've got.
Liabilities are when someone's got you by the short hairs.
Oh, you wanted accounting definitions? Google them - better yet, look them up in your textbook. You shouldn't be here getting the answers to your homework.
2007-04-13 07:53:02 · answer #2 · answered by Ralfcoder 7 · 0⤊ 0⤋
...An Asset... "a loaded gun" in the face of the enemy !!!
...A Liability"... you just ran out of bullets... all the empty cartridges are just hollow brass shells...no "boom" left.
2007-04-13 07:54:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋