Which of the following are true: I. Assets equal Net Worth Minus Liabilities II. Liabilities are always greater than New Worth III. New Worth and Liabilities equal Assets IV: Liabilities equal Assets Minus Net Worth V. Liquid Assets equals Current Liabilities plus Net Worth
Asset is something that can generate value/income for you immediately or in the future, while liability is something that has the tendency of losing value or depreciating with time. Therefore, Assets = Net Worth minus Liabilities
