Chapter 17, Problem 2LO

To determine

Identify the assets and liabilities of the Federal Reserve.

Concept Introduction:

Asset: An asset is a resource which has acquired or purchased by an individual, a company or a corporation that has economic value. Asset is mentioned in the balance sheet. For example, money, machinery, a land.

Liabilities: During the course of business operations, an obligation or the company’s debit that arises is called liabilities. Mortgages, accounts payables, accrued expenses, loan are liabilities which are recorded on the right hand side of the balance sheet.