The Balance Sheet
Assets
Current assets: Assets that are cash or can be readily converted to cash in the short term, such as accounts receivable or inventory.
Fixed assets: Assets that are not easily converted to cash in the short term; that is, they are assets that only change over the long term. Land, buildings, equipment, vehicles, furniture, and fixtures are some examples of fixed assets.
Intangible assets: An asset that cannot be physically touched, or is not physical in nature.
Liabilities
Current liabilities: Liabilities coming due in the short term, usually the coming year.
Long-term debt: Liabilities may be bank notes or loans made to purchase the business's fixed asset structure. Long-term debt/liabilities come due in a time period of more than 1 year.