Accounting Manager Question: Download Questions PDF
Mention in simple terms what is the difference between Asset, equity, and liabilities?
Answer:
☛ Asset: What financial institute (bank) or people owe you
☛ Liabilities: It is something you owe people or organization
☛ Equity: It is something you own, for example, the amount of your house loan you paid off
☛ Liabilities: It is something you owe people or organization
☛ Equity: It is something you own, for example, the amount of your house loan you paid off
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