Answer / phillip theiss

the simple answer to this is what a company owns is an
asset and what a company owes is a liability.

Answer / siddiqui

Asset is nothing but property of the business, while
liability is nothing but the amount which we are liable to
the outsiders.

Answer / chandana

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.

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"

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.

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.

Answer / nir

Any Thing which has some value is called Asset..

Liabilties are the debt obligations to the debt holders.

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