What is Assets ?
see Asset (disambiguation).
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent the value of ownership that can be converted into cash (although cash itself is also considered an asset).
[1] The balance sheet of a firm records the monetary
[2] value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.
[1] Total assets can also be called the balance sheet total.
What is liability ?
Liabilities are debts or obligations a person or company owes to someone els...