The items that come under the category of assets are common stock and revenue. The item which come under the category of liability is expense.
Asset refers to the resource which is owner by the individual or any entity that has the economic value. It is owned by the company with the expectation of the future. It can be any property, money, land, cash etc.
Asset includes the elements such as stock which is also referred as the inventory which helps in the generation of the revenue. Expense is the liability of the company has it has to be paid off for the smooth running of the business.
Therefore, it can be concluded that Common stock and income are the items that fall under the category of assets. Expenses are the thing that falls under the liability category.
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