what is an asset and liability ?
Answers were Sorted based on User's Feedback
Answer / phillip theiss
the simple answer to this is what a company owns is an
asset and what a company owes is a liability.
Is This Answer Correct ? | 26 Yes | 1 No |
Answer / siddiqui
Asset is nothing but property of the business, while
liability is nothing but the amount which we are liable to
the outsiders.
Is This Answer Correct ? | 18 Yes | 1 No |
Asset means which is not meant for resale and which is used
in the business for a longer period. For example Land,
building, furniture, building , goodwill etc.
Liability means the amount which the company is liable/
payable to the outsiders. For example creditors, bills
payable etc.
Is This Answer Correct ? | 13 Yes | 5 No |
Answer / puja
According to its perfect definition in simple words ASSETS
are "Anything of material value or usefulness that is owned
by a person or company" and LIABILITIES are "An obligation
to pay money to another party or the state of being legally
obliged and responsible"
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / ranjani
any expenditure , the benefit of which runs for a more than
a year is an asset. Liability means all the expenditure
which is not yet paid by the entity.
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / anshuman
An asset is an instrument that a company uses to generate
income, Assets can be fixed assets as in case of property,
building, machinery etc . Assets also comprise of the work
in progress, cash in hand, cash in banks, debtors and
investments.
In Banking terms assets are what a bank holds Or ows such as
Loans issued, government securities, Reserves etc.
Liabilities is what a company owes to the creditors such as
the deposits with a bank, creditors, prepaid installments etc.
Current assets are the assets which are easily available at
the disposal of the company within a time frame of 12 months
similarly the current liabilities are the obligation of a
company within the time span of 12 months.
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / nir
Any Thing which has some value is called Asset..
Liabilties are the debt obligations to the debt holders.
Is This Answer Correct ? | 0 Yes | 2 No |
If your account is debited instead of credit, than what do you do ? How do you correct your account ?
accounting equation includes
what do mean by accruals?
3 Answers Hindustan Unilever Limited,
How Many Are the Types of Public Limited Company?
0 Answers Joint Stock Company,
what is meant by index in stock marketing
What do you know about NIACL?
Where are the headquarters of Indian Government Banks?
Any idea about 'Freedom of Religion'?
What are 'revenue receipts'?
What are the Exotic birds ( Since it was mentioned in hobbies)?
0 Answers State Bank Of India SBI,
What are money-back policies?
Differentiate between micro credit and micro finance?