Learn On Your Own Assets Vs Liabilities:

Assets:

Assets are every goods and properties which belongs to a concern. Assets are considered to have economic resources and are expected to have future benefits to the business. Assets are said to have positive economic value.

Simply, assets are something that a concern owns and is worth money and something that can be exchanged for money.

Assets may be tangible (that has physical existence) E.g: Building, land cash, machinery, goods, etc Assets may also be intangible (that has no physical existence) E.g: patent, trademarks, goodwill, etc.

Liabilities:

Liabilities refer to financial obligations or debts which business owes to outsiders. It results from purchasing of goods on credit, bank loan, payable accounts like salary payable, taxes due, etc.

Simply, liabilities are something that a business concern owes.