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Explain liabilities and assets

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Explain liabilities and assets

Posted by Mahesh Kumar Garg 6 years, 5 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 6 years, 5 months ago

A liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events.
An asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.

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