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| 1. |
Definition of assets and liabilitys |
| Answer» \tasisAssetsLiabilitiesMeaningThe economic value of an item which is possessed by the enterprise is referred to as AssetsThe economic value of any obligation or debt owed by the enterprise to any other establishment or individual is referred to as a liabilityDepreciationDepreciableNon-depreciableCalculationAssets = Liabilities + Owner’s EquityLiabilities = Assets – Owners EquityPosition in Balance SheetRightLeftTypesNon-Current Asset, Current AssetsNon-Current Liabilities, Current LiabilitiesExampleCash, Account Receivable, Goodwill, Investments, Building, etc.,Bank Overdraft, Account Payable, Long term borrowings, etc.,\t | |