As can be seen from the definitions of both the terms, the key difference between an expense and an asset is timing. An asset represents any source of future economic benefit to the firm that goes beyond one...

Debt is every similar to liabilities. Both refer to obligations in which money needs to be paid back. In most instances, debt includes all liabilities, especially when calculating debt-to-equity ratio. However...

An asset is anything that can be utilized to make more money. A liability is an obligation on which money has to be paid. In terms of banking, an asset is anything on which one earns an interest, whereas a...

An asset is something which is owned and controlled by an entity. It is capable of bringing some financial gain in the future. On the other hand, a liability is a present obligation which has to be settled in...