What are assets and liabilities?

Assets and liabilities are two of the primary items found on corporate financial statements and balance sheets. Assets and liabilities are two of the primary items found on corporate financial statements and balance sheets.

Are assets and liabilities on the balance sheet?

Both assets and liabilities are on the balance sheet, which is one of the three main financial statements for businesses. Liabilities can be short- or long-term. Typically, short-term liabilities are known as current liabilities. And, long-term liabilities are called noncurrent liabilities. Examples of current liabilities include:

What are liabilities on a balance sheet?

Liabilities are amounts owed to third parties and generally follow assets on a company balance sheet. In some cases, they’re grouped in with shareholders' equity, but they’re listed in the order in which they need to be repaid. Liabilities include: As with assets, there are two different types of liabilities: current and noncurrent.