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Liabilities
Financial obligations or debts that a company owes to outside parties, which must be settled over time through the transfer of economic benefits.
Assets
Resources owned by a company that have economic value and can be used to meet debts or commitments.
Liability
A financial obligation or amount owed by a business or individual, arising from past transactions or events.
Asset
An item of value owned by an individual or corporation, expected to provide future benefits or value.
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