Answer:
<u>liability</u>, <u>asset </u>
Explanation:
Liability refers to a future obligation in monetary form which must be discharged by a business. Liabilities are classified on the basis of due period into current and long term. For instance payment due to a supplier, loan for repayment.
Assets on the other hand refer to something which yields future economic benefits. Assets could be in tangible fixed form, movable form or intangibles such as Goodwill.
In the given case, from the purpose of bank, acceptance of deposits constitutes a liability since the bank has to pay such deposits whenever required by the customer.
Similarly, lendings by a bank represent an asset since the bank would receive such sum coupled with interest at a future date.
