Assets and Liabilities

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plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets.

Long-term liabilities are financial obligations of a company that are due more than one year in the future. The current portion of long-term debt is listed separately to provide a more accurate view of a company's current liquidity and the company's ability to pay current liabilities as they become due. Long-term liabilities are also called long-term debt or noncurrent liabilities.

Account Examples
Current Assets
Current Liability

1. Capital
2. Stock
3. Retained earnings
4. Accumulated profits
5. General reserves
1. Purchases
2.cost of good sold
3. Sale commission expenses
4. Rent expenses
5. Delivery expenses
1. Sales

Inventories / Stock
1. Overdraft bank
2. Sales taxes payable
3. Payroll taxes payable
4. Interest payable


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