What are assets and libilities?
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What are assets and libilities?
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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