What are assets and liabilities?

Answer by  joantheresa (1421)

Assets include cash on hand, real estate, equipment, and anything else of value to a company/ person. Liabilites are all of the debts of the person/company, such as outstanding bills, outstanding notes or loans, taxes due, etc. Assets minus liabilities equal net worth of the person or company.

Answer by  amswplusone (652)

Assets have a value to you, including cash, property, or money you've loaned out (since that represents money coming back to you). Liabilities are anything for which you may lose value, such as debt to someone else or customer's deposit with you (since you may have to give it back).