What is difference between Assets and Liabilities? Explain the Balance Sheet Types of Accounts

Question

Accepted Answer

Assets are what a company owns, while liabilities are what it owes. Balance sheet shows financial position. Types of accounts are assets, liabilities, equity, revenue, and expenses.

Assets are resources owned by a company that have monetary value, such as cash, inventory, and property.
Liabilities are debts or obligations owed by a company, such as loans, accounts payable, and salaries payable.
The balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.
Types of accounts on the balance sheet include assets, liabilities, equity, revenue, and expenses.
Assets = Liabilities + Equity is the basic accounting equation that the balance sheet follows.

Accepted Answer

Assets are those inventories which give us earning in future may be car house land machinery building creditors 
however Liabilities which we need to pay in future like debtor, loans , fees, or other expense which we need to pay for any particular terms

What is difference between Assets and Liabilities? Explain the Balance Sheet Types of Accounts

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