When you place your funds in a savings account at a bank, those funds are
A)an asset to you and a liability to the bank.
B)a liability to you and an asset to the bank.
C)an asset both to you and the bank.
D)a liability both to you and bank.

Question

Quizplus · Accepted Answer

When you deposit money into a savings account, it is considered an asset for you because it is something of value that you own. For the bank, your deposit is a liability because it represents money the bank owes to you.

When You Place Your Funds in a Savings Account at a Bank