When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or ...

An asset is anything, which you own and which is valuable, whether it is tangible or intangible. Assets are said to have positive economic value. Simply put an asset is something that is worth money ...

Assets are quantifiable things — tangible or intangible — that add to your company’s value Liabilities are what your company owes to others, whether that’s an investor or a bank that issued a loan ...

In financial and investment terms, net worth is defined as a person’s or entity’s total assets minus their liabilities. Both should be headers on your balance sheet. What is an asset — and are you ...

Accounting gives a business a way to keep track of its liabilities and expenses. In terms of liability vs. expense accounts, a liability refers to a financial obligation, or upcoming duty to pay. An ...