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what is an asset and liability ?

Answer Posted / 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.

Is This Answer Correct ?    13 Yes 5 No



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