I want full information about assets and liablities


3 Answer(s)


0

Anything that the company owns is called an Asset. For example cash, computers, raw materials, office space etc.

Anything that the company has borrowed or owes other people is callined Liabilities. For example loans, salaries, taxes etc.

0

In financial accounting, an asset is an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.Eg machinery,cash,stock stc

In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Eg.loans,creditors,provisions etc

0

An asset is property that is owned by a business. Every asset must be able to provide a future benefit to the business to which it belongs. The asset must be owned by the business as a result of a past event.
The two essential qualities of a business asset are: (a) It must provide future benefits to a
business, and (b) it must be owned as a result of a past event.

“Liabilities” are debts of the business. They have the first claim on assets. Some examples
are wages owed to employees, debts to vendors, and unpaid bank loans.

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