What are assets and liabilities? 806 viewsDecember 4, 2012Accounting 0 Michaud December 2, 2012 0 Comments What are the definitions for the assets and the liabilities based on the generally accepted accounting principles and the international standards? 1 Answer ActiveVotedNewestOldest 0 Hodges Posted December 2, 2012 0 Comments An asset is expected to flow economic benefit to the company. It has to be measurable (the benefit) and certain. A liability is expected to have economic benefit flow from the company to another person or company. It also has to be measurable. Register or Login Search for:
