Assets and liabilities Flashcards by Afia Ali

Q

What is an asset?

A

something that you own

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Q

What is a liability?

A

something that you owe.

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Q

What is an example of a fixed asset?

A

building and machinery

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Q

What is an example of a current asset?

A

things like money owed to the business.

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Q

What is an example of a current liability?

A

short term debts

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