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Finance Glossary

Finance Glossary

Asset-and-liability

Asset-and-...

Asset and liability



Definition of Asset and liability


An asset is something that carries some monetary value and can be converted into cash over which the holder has ownership rights.

Liability is something towards which a person should make a payment, for example a person has taken a loan from a bank then this loan is like a liability for that person. As he is obligated to make payment against it.


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