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assets provide a future economic benefit, while liabilities present a future obligation. An indicator of a successful business is one that has a high proportion of assets to liabilities, since this indicates a higher degree of liquidity.
• Distinguish among the types of assets and liabilities?
ANSWER:
• Assets are of different types like tangible, intangible, current, and fixed, whereas liabilities are non-current liabilities and non-current liabilities. Examples: Cash, building, amount receivables, goodwill, investments, etc are assets, whereas the amount payable, deferred revenue, etc. are liabilities.
• The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. One must also examine the ability of a business to convert an asset into cash within a short period of time.
• Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!
Answers & Comments
Answer:
Assets are the resources your company owns, while liabilities are what your company owes. Read on to learn the difference.
QUESTION:
• Distinguish among the types of assets and liabilities?
ANSWER:
• Assets are of different types like tangible, intangible, current, and fixed, whereas liabilities are non-current liabilities and non-current liabilities. Examples: Cash, building, amount receivables, goodwill, investments, etc are assets, whereas the amount payable, deferred revenue, etc. are liabilities.
• The main difference between assets and liabilities is that assets provide a future economic benefit, while liabilities present a future obligation. One must also examine the ability of a business to convert an asset into cash within a short period of time.
• Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!
EXPLANATION:
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