Define the asset and liability and shareholders equity

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Reference no: EM131305092

1. Define the following terms:
a. Asset

b. Liability

c. Shareholders' equity

2. According to thisr: "We can think of a bank's liabilities as the sources of its funds, and we can think of a bank's assets as the uses of its funds." Briefly explain what this means.

Reference no: EM131305092

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