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    what is the difference between assets & liabilities in small business

    I need to provide a list of the types and amounts of each liability and asset of the business as i cannot provide a balance sheet, how do I work out what is asset and what is liability?


     

    0  Views: 1172 Answers: 2 Posted: 14 years ago

    2 Answers

    An asset is anything of value that your company owns — including cash.


    Anything a company owes to people or businesses other than its owners is considered a liability.

    And speaking outside of the balance sheet, employees can either be an asset or a liability to the company...they really, really can be!



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