Assets and Liabilities

[Notorious Frank White]

How are assets and liabilities valued?and what are their advantages and disadvantages

[Notorious Frank White]

any information will help

[Notorious Frank White]

i am studyin accountancy, i am in the 1st year and we have a lousy teacher so i need all the help. anybody know how they are valued?


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[accountant1]

Assets are the business resources e.g buildings to operate from, plant and machinery, stock to sell and cars for employees.These are all resources which it uses in its operations.Also it may have bank balances, cash and amount of money owed to it these provideo the found its needs to carry out its operations and are also assets.Its may owe money to the bank or to suppliers these are liablilities.

Assets and liabilities are valued in Balance Sheet at a Particuler date.
Or
The balance sheet is a list of all the assets owned by a business and all the liabilities owed by a business at a particuler date.





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