Anexo 1 contabilidad

Defining Assets and Liabilities

Define assets?

Assets are the assets, rights and other resources economically controlled by
the company, resulting from past events from which it is expected to obtain
benefits or economic returns in the future.

Such as?

house, building car, merchandise, money, machinery and equipment, etc.

Define liabilities?

The liability, from the accounting point of view, represents the debts and
obligations with which a company finances its activity and serves to pay its
assets
Such as?
utility bills, accounts payable, credits payable among others
This is my question...
how an asset differs from a liability?

DIFFERENCE BETWEEN ASSETS AND LIABILITIES It can be considered in a

very elementary way that an asset is that product or that it generates income
for its owner and a liability is the opposite, it is all that causes us expenses.
The first definition refers to what produces a patrimonial increase in a punctual
or recurring way and the following is the opposite, which causes us losses in
our capital periodically or in a financial act.

An asset is something that puts money in your pocket and a liability is

something that takes money out of your pocket. Or, seen another way, if for
some reason you stop working, an asset is something that generates income
that feeds you, while a liability is something that eats your money and leads to
bankruptcy.

And believe me, understanding this can make a huge difference in your life. An
asset is all those things that give you an income, either daily, monthly or
annually.

In this way, we can deduce that, an asset would be Businesses that do not
require our presence (but would be jobs, even when it was ours, as in the case
of the self-employed), the shares of companies, obligations of companies,
mutual funds, assets roots or properties that generate income (rentals), ideas
(patents, copyrights, etc.), promissory notes and everything that has value,
produces some income or is appreciated over time and has an available
market.

Here are my few examples:

A clear example of an asset is a land in which if you want to sell it at any time
you do it and it would generate an income for you if it generates a liability it is
still an asset the liability that is generated by the property tax that the state
charges you but this does not mean that it is no longer an asset

and a clear example of a liability of daily life is to say the receipts of services
such as electricity, water and passive gas since these we have to pay monthly
if we do not want these services to be cut and these would be the clearest
example of a liability

and as they say there are assets that give you money and liabilities take it