No, Land and Building is an example of asset. Land and Building is considered an asset because it is a resources with value owned by a business or entity. Land and Building is not a liablility because it not the accountability of the business to pay something.ASSETS
In accounting, assets are any resources with value owned by the business, company, entity or person. Assets have two categories, these are:Current AssetsNon-current Assets1. Current Assets
-these are assets that can be readily convertible to cash in a normal operating cycle of a business.Some Examples of Current AssetsCash and cash equivalentsAccounts receivableInventoryPrepaid ExpensesMarketable Securities2. Non-current Assets
-these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.Some Examples of Non-Current AssetsLandProperty, Plant and EquipmentTrademarksLong-term InvestmentsGoodwill
All fixed assets and intangible assets fall under the category of non-current assets.LIABILITIES
In accounting, liabilities are the payables or debts of a business to settle. Liabilities have two main categories:1. Current Liabilities
-these are payables or debts which are short-term payables that needs to be paid or settled by the business within a year.Some Examples of Current LiabilitiesAccounts PayableInterest PayableIncome Tax PayableAccrued ExpensesShort-term loans2. Non-Current Liabilities
-these are payables or obligations that are long-term liabilities that can be settle after a year or more than a year.Some Examples of Non-Current LiabilitiesBonds PayableLong-term Notes PayableDeferred Tax LiabilitiesMortgage Payable
Further topics about assets and liabilities
What is the opposite of assets
For related topics about accounting equation
Land and Building is NOT categorized as a liability because it is a resource/s that is owned businesses, not owes. Specifically, it is categorized as a non-current asset as its value is can be used more than the normal operating cycle of a business.
To further understand why Land and Building is an asset, just continue reading.
In accounting, assets are the resources that a company owns and has monetary value.Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash equivalentsARSuppliesGoods-on-processInventoriesExamples of non-current asset:LandEquipment/MachinesIntangible assets
In accounting, liabilities are the resources that a company owes to another business or people.Two types of liabilities:Current liabilities - accountabilities that must be paid or dealt within a year or operating cycle of a business.Non-current liabilities - accountabilities that must be paid but not within a year or operating cycle of a business.Examples of current liabilities:Accounts PayableNotes PayableUnearned RevenuesExamples of non-current liabilities:Mortgage PayableBonds Payable
hey! how are you? my name is maria, 19 years old. yesterday broke up with a guy, looking for casual sex.
write me here and i will give you my phone number - **
my nickname - lovely