Significant terms employed in a balance sheet

Question

Write down the significant terms employed in a balance sheet?

Answer 1

Assets-

i) Fixed assets and Current assets
ii) Intangible assets and Tangible assets

Equity is a claim that can be implemented against the assets of the firm in the court. therefore equity refers to a claim detained by –

A creditor only,
An owner only,
Creditor and owner both.

Liability -

i) Current Liability
ii) Long term Liability