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Answer» in accounting:
What is the difference between assets and liability?
can anybody clarify that? I have got the FOLLOWING , but not quite clear.
assets:
anything that has a value and is owned by a business is an asset. Assets are used by a business for providing goods and services to its customers. The loan GIVEN by a company to the other is treated as an asset
otf the lenderas it is a source of income. Thus assets are sources of income.
Liabilities:
anything that has a VLUE and is owned by a company is a liability. e.g. A loan taken by a company fromthe bank is a liability of the company,We're not quite here to do your economics homework. Nice try, though.
Next you know we'll have HORMONE ridden teens ASKING us where to file for an abortion.ftp://AccountingHope.com
asset: what you own, eg. cash, land, buildings, house
liabilities: what you owe, eg bank loan, accounts payable, note payable
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