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.

What's Collection of Bills?

0 Answers   State Bank Of India SBI,

What is HDI? How is it calculated?

0 Answers   State Bank Of India SBI,

What Are The Types Of Commercial Banks?

0 Answers  

6. Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?

1 Answers  

What is Pradhan Mantri Jan Dhan Yojana?

0 Answers   State Bank Of India SBI,

how to calculate beta- in portfolio

1 Answers  

what is the short cut to retrieve the last line which is removed in Tally ERP 9?

0 Answers  

What is Sub-prime Crisis ?

2 Answers   SEBI,

what is the difference between trading cash credit account and manufacturing cash credit account

0 Answers  

What is difference between debit card and credit card?

0 Answers  

What is Pradhan Mantri Suraksha Bima Yojana?

0 Answers   State Bank Of India SBI,

on the trial balance which thing gone to debit site & which things gone to credit sites?

5 Answers