Assets -
Assets are thing
of value owned by organization. Anything which will enable the organization to
get cash and profit in early future is an asset. It is owned by firm or individual.
Liability-
A thing for which someone is responsible,
especially an amount of money owed,
A liability is a company's financial debt or
obligations that arise during the course of its business operations.
Liabilities are settled over time through the transfer of economic benefits
including money, goods or services. Recorded on the right side of the balance
sheet, liabilities include loans, accounts payable, mortgages, deferred
revenues and accrued expenses.
Debtor-
A person, country, or organization that owes money, a debtor is an
entity that owes a debt to another entity. The entity may be an individual, a
firm, a government, a company or other legal person. The counter party is called
a creditor. When the counterpart of this debt arrangement is a bank, the debtor
is more often referred to as a borrower.
Creditor-
a person or company to whom money is owing, A creditor is a
party (e.g. person, organization, company, or government) that has a claim on
the services of a second party. It is a person or institution to whom money is
owed. The first party, in general, has provided some property or service to
the second party under the assumption (usually enforced by contract) that the
second party will return an equivalent property and service. The second party
is frequently called a debtor or borrower. The first party is the creditor,
which is the lender of property, service or money.
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