Define about assets and liabilities, Accounting Basics

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Q. Define about Assets and Liabilities?

Assets are feasible future economic benefits obtained or controlled by a particular entity as a result of past events or transactions.

Liabilities are feasible future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past events or transactions.

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Accounting Basics, WHAT IS ACCOUNTING

WHAT IS ACCOUNTING

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