What is asset and Libalities

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What is asset and Libalities

Posted by Anurag Shekhar 5 years, 9 months ago

CBSE > Class 09 > Social Science

1 answers

Meghna Thapar 5 years, 9 months ago

According to accounting standards, assets are something which is owned by you and can provide future economic benefits. Example: Land & buildings, cash in hand, Cash at bank etc. Liabilities are something which an individual or a company owes. Example: Bank overdraft, account payable etc. 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!

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CBSE > Class 09 > Social Science