Posts filed under: Terminology
All debts that a business owes. These could be amounts owed to suppliers and lenders, such as unpaid bills or loans. It could also be salaries that have not yet been paid to employees. Liabilities often include the word “payable”...
Everything that a business owns in order to successfully do business. For example: cash, land, tools, buildings, furniture, and vehicles. Anything that is owned by the company and is regarded as having value. An asset could be sold to pay...