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Asset: It is a resource controlled by the entity with the future economic benefit flowing to the entity as a result of past transaction.
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∙ 14y agoThis answer is:
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Wiki User
∙ 7y agoSuppose if you have a house and you are paying it then it cannot be asset because it is taking out of your money and not giving money and that is liability.
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Wiki User
∙ 9y agoProperty is that part which is utilizable in future for generating profit of business that's why it is an asset of business.
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