What is the difference between assets and liabilities?

1.	What is the difference between assets and liabilities?
Answer» ong>Answer: Assets Liabilities 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

Answer»

ong>Answer:

Assets

Liabilities

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

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