List of assets and liabilities

Question

Accepted Answer

Assets and liabilities are financial resources and obligations of an individual or organization.

Assets are resources owned by an individual or organization that have economic value, such as cash, property, investments, and inventory.
Liabilities are obligations or debts that an individual or organization owes to others, such as loans, mortgages, and accounts payable.
Assets can be categorized into current assets (easily convertible to cash within a year) and non-current assets (long-term investments and property).
Liabilities can be categorized into current liabilities (due within a year) and long-term liabilities (due beyond a year).
Examples of assets include cash in hand, real estate properties, stocks, and vehicles.
Examples of liabilities include bank loans, credit card debts, mortgages, and unpaid bills.

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