Suppose that Jim just got a $20,000 loan from his credit union to buy a new car. The loan is a for Jim and a for the credit union. financial asset; liability liability; financial asset liability; physical asset financial asset; financial asset

The loan is a liability for Jim and a financial asset for the credit union.

Explanation:

Liabilities shall be defined as either the legal liabilities of a corporation or liabilities arising during its operations. The liability can also be limited or limitless. Liabilities are compensated over time, including income, products, service, via the exchange of economic advantages.

The reports of liabilities included loans, accounts payable, deposits, taxable taxes, paid insurance, unpaid insurance and charges incurred on the right side of the balance sheet. You can also change your responsibility for marriages.

A financial asset is a non-physical property that derives its value from contractual debt, including bank deposits, bonds and shares. Economic assets are typically more liquid and trad-able in finance than other financial assets like energy or real estate.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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