What is the definition of Asset, Liability, and Equity? Asset represents the values that indicate the goods and rights of the company, which can b...

What is the definition of Asset, Liability, and Equity?

Asset represents the values that indicate the goods and rights of the company, which can be converted into cash.
Liability represents the obligations, that is, the expenses made by the company that consist of accounts payable.
Equity is the difference between the assets and liabilities of the organization, representing the internal source of resources of the company and how much its owners have invested in the company.
a) Only I is correct.
b) Only II is correct.
c) Only III is correct.
d) I, II, and III are correct.