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What are the asset and liability with help of examples?

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Anonymous

∙ 10y ago
Updated: 9/18/2023

Assets are those items which business uses to earn revenue like propery, plant, equipment, inventory, cash etc.

Liaibities are those items which is payable by company to third parties or owner of business like owners capital , accounts payable, bonds payable etc.

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Wiki User

∙ 10y ago
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Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset


Is a trade debtors asset or liability?

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