What are assets and liabilities
Assets are resources owned by a person or business that have economic value and can be used to generate future benefits. These can include cash, investments, real estate, inventory, equipment, and accounts receivable.
Liabilities, on the other hand, are debts or obligations that a person or business owes to others. These can include loans, mortgages, credit card debt, accounts payable, and other financial obligations.
In accounting, assets are recorded on the balance sheet as positive numbers, while liabilities are recorded as negative numbers. The difference between a person or business's assets and liabilities is known as their net worth or equity.