Question { 4947 }

what is live stock?

Answer

domestic animals kept for use on a farm and raised for sale
and profit.So it is shown on the debit side of profit and
loss account.

Question { 8157 }

what is an asset and liability ?

Answer

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.