Opening activity Day 39

Liabilities are obligations of the company; they are amounts owed to creditors for a past transaction and they usually have the word "payable" in their account title.assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. Equity is simply having the same rights, being equal, no one is superior or inferior. current asset representing the cost of supplies on hand at a point in time. The account is usually listed on the balance sheet after the Inventory account.