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What is the classification of assets and liabilities? Knoxville
- Location: Knoxville, Knoxville, Tennessee, United States
Assets are valuable things you own (like cash, property, patents) that generate future benefit, while liabilities are debts or obligations you owe (like loans, mortgages, accounts payable) requiring future outflow of resources, categorized as current (short-term) or long-term, with assets also split into tangible/intangible and current/non-current, and liabilities into current/non-current/contingent.
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