LIABILITY refers to the amount which a business entity is required to pay in future. It is the future monetary obligation of a business.
INCOME refers to excess of revenue over expenses. Income of a business is the amount which is obtained after deducting the amount of expenses from the amount of revenue.
EXPENSE refers to the cost incurred for the purpose of generating revenue by producing, providing and selling goods and services by a business entity.
ASSET refers to anything that is in the possession or is the property of a business. It is something which enables a business to generate benefit in future.
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