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Asset/Liability

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What is an asset? What is a liability? What is the difference between them

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The solution explains asset and liability and the difference between them

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An asset is anything which a business OWNs and expects to get benefits in the future which are called as fixed assets or anything which is cash or will be converted to cash during a period of one year or less which are called current assets. An asset would be a machine, land, building or a vehicle which is owned by the business and would give benefits over a ...

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