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-   -   List of assets and libilities of accounting (https://www.askmehelpdesk.com/showthread.php?t=666061)

  • Jun 1, 2012, 09:14 AM
    lovelywajid
    List of assets and libilities of accounting
    What are assets and libilities?
  • Jun 1, 2012, 09:22 AM
    pready
    Assets are an economic resource that is expected to provide benefits to a business. Like equipment used to manufacture a product for resale, or merchandise to be sold. An asset is something that the business owns or has a right to ownership like cash or accounts receivable(a customer owes a business money).

    Liabilities are things that a business owes like mortgage payable or accounts payable. A bank loan is a type of liability where a business owes a bank money.

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