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.

am about to enroll for Oracle Apps Financial with Iapps in pune, (without the certification of Oracle, as it is very expensive). Looking for a suggestion on the same, Also, how far is this course wld be beneficial to a candidate of commerce background (BBA graduate and an MBA in Finance) Also, the opportunities lying ahead int his field. Thanks

1 Answers  

Why convertible securities are more attractive to investors?

1 Answers  

What is goodwill? How does it affect net income?

1 Answers   BlackRock,

Give some idea about RBI current policy and Reserve Rates?

1 Answers   IBPS,

What precautions should be taken before using ratio analysis as a technique for interpretation of financial statements?

1 Answers  

What is 'public account fund'?

1 Answers  

What is the meaning of 'base rate'?

1 Answers  

How do credit card companies/ banks make money? What is the main source of making money?

1 Answers   EXL,

Why you quite your job in six months??

1 Answers   Baidu, TCS,

Are You Able To Work In A Computerized Environment And Spend Long Hours At The Computer?

1 Answers  

What is Registered Company? Give Its Two Kinds?

1 Answers   Joint Stock Company,

What is foreign exchange reservers?

1 Answers