Assets; categorised into Non-current (such as machinary, equipment, and vehicles that are bought for long term use), and Current (such as inventories, raw materials, unsold goods, things that will be turned into cash by the end of the financial year).
Liabilities; Non-current are moneys employed by the business that have been borrowed from external sources which will be repaid over long term such as mortgages and bank loans. Current are debts of the business that will be repaid within a year, the most common are known as payables.
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