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How do you define asset and liability?

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Anonymous

∙ 16y ago
Updated: 4/28/2022

An asset makes a profit, either on a periodic basis, or when you sell the asset. A liability is an expence on a periodic basis, or a loss is made when disposed off.
OR

An asset is something which we own and liability is something which we owe.

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Wiki User

∙ 16y ago
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