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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, Accounting Services in Buffalo) 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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14201
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