what is assets and liabiliaties?

Answers:
Assets are items that you own. Liabilities are things that you owe.

So, if you borrowed $10 from me to buy a cake, you would then own that cake so you would own an asset worth $10. But you would also owe me $10, so you would have a liability of $10.

Make sense?

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Other Answers:
assets gross you money. liabilities cost you money.

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ASSETS ARE THINGS WHICH COULD BE MONEY OR PROPERTY THAT BELONG TO YOU. THEY DETERMINE YOUR NET WORTH. THEY ADD MONEY TO YOU.

LIABILITIES ARE THINGS THAT YOU DON'T OWN, THAT YOU PAY FOR. THEY TAKE AWAY MONEY FROM YOU.

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Assets don't hold necessarily make you money. But it is something that you could exchange for lolly. I like the example beside the cake. Cake isn't going to make you any money but you enjoy it, so you have non bread generating asset.

Aleks

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