accounting made sense

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Liability – Simple Definition & Examples Featured Image
Fundamentals

Liability – Simple Definition & Examples

Liability is what a business owes. As one of the three types of accounts on the Balance Sheet, liability is an important area in accounting & financial analysis.

Asset – Simple Definition & Examples Featured Image
Fundamentals

Asset – Simple Definition & Examples

Asset is what a company has, what a company owns. As one of the three types of accounts on the Balance Sheet, asset is a crucial element in accounting & finance.