1. Assets:
A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.

Current Assets:

Current assets are the assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer.

A balance sheet account that represents the value of all assets that are reasonably expected to be converted into cash within one year in the normal course of business.

In accounting, a current asset is an asset on the balance sheet which can either be converted to cash or used to pay current liabilities within 12 months. Typical current assets include cash, cash equivalents, short-term investments, accounts receivable, inventory and the portion of prepaid liabilities which will be paid within a year.

Long term assets:
Long term assets are assets that are not intended to be turned into cash or be consumed within one year of the balance sheet date.

2. Liabilities:
Creditors claim against total assets that is existing debts and obligations

a) Current Liabilities:
Current liabilities are obligations that the company is to pay within the coming year or its operating cycle, whichever is longer.

A company's debts or obligations that are due within one year. Current liabilities appear on the company's balance sheet and include short term debt, accounts payable, accrued liabilities and other debts.

b) Long term liabilities:

Long term liabilities are obligations that a company expects to pay after one year.

In accounting, a section of the balance sheet that lists obligations of the company that become due more than one year into the future. Long-term liabilities include items like debentures, loans, deferred tax liabilities and pension obligations.

3. Owner’s Equity:
The ownership claim on total assets is owner’s