WELL, This will depend on the context. An asset is such an ite | Life Tactics™
WELL, This will depend on the context. An asset is such an item that generates income or provides economic benefit for you, a liability is an item that signifies an obligation to pay.
If you are in the business of lending money,when you give out a loan, it would be an asset to you as you are expecting cash inflows in the form of principal as well as interest.
If you are a person who has taken a loan, in that case, to you the loan would be a liability since it represents an obligation to pay.
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