Explain what an asset is and give three examples.
Explain what a liability is and give three examples.
1st part:
An asset is a resource which is used in ordinary course of business either to generate revenue, reduce costs,comply with applicable laws and regulations.
Example:
Plant and Equipment used in manufacture of goods.
Furniture and fixtures used in factories and offices.
Trucks and other vehicles used to deliver goods, transport materials etc.
2nd part:
Liability is the obligation of the business to a third party, this obligation arises in the ordinary course of business.
example:
Notes payable
Loans and advances obtained
Accounts payable.
Explain what an asset is and give three examples. Explain what a liability is and give...
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