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What is the difference between liability …

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What is the difference between liability and assets❓❓❓

Posted by 🤓Ojha Raj Shakti Shivam📒📚📕 3 years, 4 months ago

CBSE > Class 12 > Economics

2 answers

Preeti Dabral 3 years, 4 months ago

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What does it mean?
Assets are items possessed by a business that will provide it benefits in future.	Liabilities are items that are obligations for a business
Impact of Depreciation
Assets are depreciable in nature	Liabilities are non-depreciable in nature
Formula used
Assets = Liabilities + Shareholder’s Equity	Liabilities = Assets – Shareholder’s Equity
Impact on cash flow
It is responsible for generation of cash flow for a business	It is responsible for outflow of cash from a business
Different Types
The different types of assets are tangible, intangible, current and noncurrent	The different types of non-current liabilities are long term(non-current) and current liabilities
Examples
Cash, Account Receivable, Goodwill, Investments, Building, etc.,	Accounts payable, Interest payable, Deferred revenue etc.

Anmol Garg 3 years, 5 months ago

Liability is the amount which are payable to the creditors

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