Assets is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit. In general , an asset is something that in the future can generate cash flow.

Key Takeaways
   An asset is a resource with economic value that an individual, corporation, or country owns with the expectation to provide future benefit.
  An asset can be though of as something that, in the future can generate positive cash flow.
Examples of Assets
➤ Investments
 Businesses
➤ Education

Liabilities is an obligation to, or something that you owe somebody else. it is defined as financial debts that will cost you in the future.
Examples of Liabilities
➤ Debts
➤ Accrued Expenses
➤ Financial Obligation

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