0
Best Answer
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.
Wiki User
∙ 14y agoThis answer is:
Add your answer:
Earn +20 ptsQ: How do you define asset and liability?
Write your answer...
Submit
Still have questions?
Continue Learning about Finance
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Is loans to staff an asset or liability?
it is an asset
Is a loan an asset or liability to a business?
Liability
Is an owners life insurance an asset or a liability?
Asset.
Is a car loan an asset or a liability?
liabities
Related questions
What is net liability?
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?
yes It is an Asset, not a Liability.
Is asset or liability?
asset
Is rent income a asset liability or owners equity?
asset liability
Is equipment an asset or liability?
Asset
Is premises a asset or liability?
asset
Is equipment liability or asset?
Asset
Is Cash an asset or liability?
Asset.
Is a premises an asset or liability?
asset
Is debtor asset or liability?
asset
Is land an asset or liability?
Asset
Is debtor an asset or liability?
It is an asset
Copyright ©2024 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.