What's the difference between a liability and an asset? Can you provide examples of each?
by 
Adz3r0
ANSWERS: 1
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A LIABILITY is something that you are financially responsible, or LIABLE for--such as your electric bill; your phone bill; your rent/mortgage, etc. An ASSET is a possession that is considered of some worth to you--such as the balance in your bank account; your house; your car, etc. I hope this helps!
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