what is assest and liability? give examples
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Answer / h.r. sreepada bhagi
What a company or organisation owns are assets. Assets are
shown on the Assets side of a horizontal Balance Sheet or
under Application of Funds in a vertical Balance Sheet.
What a company or organisation owes others are liabilities.
Liabilities are shown on the Liabilities side of a
horizontal Balance Sheet or under Sources of Funds in a
vertical Balance Sheet.
Example of Assets - Fixed Assets like Vehicle, Furnitures,
Land, Building, etc. and Current Assets like Stock, A/c
Receivable, Cash, etc.
Example of Liabilities - Long Term liabilities like Term
Loans, Debentures, etc. and Current Liabilities like Working
Capital Loan, A/c Payable, Duties & Taxes Payable, etc.
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Answer / nutan chavan
ASSETS WHICH COMES ON CREDIT SIDE OF BALANCESHEET
LIABILITIES WHICH COMES UNDER DEBIT SITE OF BALANCESHEET
ASSETS MEANS THE PROPERTY OF COMPANY
LIABILITES MEANS COMPANY HAVE TO PAY TO SHAREHOLDERS,
CREDITOR, DEBENTUREHOLDER,
FOR EX. FIXED ASSETS LIKE FURNITURE, BUILDING, DEBTORS,
INVESTMENT, CASH
LIABILITIES EQUITY, PREFERANCE SHARE, DEBENTURE, RESERVE
AND SURPLUS
| Is This Answer Correct ? | 4 Yes | 4 No |
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