Assets:

☛ Current assets and fixed assets

☛ Tangible assets and Intangible assets

Equity is a claim which can be enforced against the assets of the firm in the court. Thus equity refers to a claim held by:

☛ An owner only,

☛ A creditor only,

☛ An owner and the creditor both.

Liability:

☛ Current Liability

☛ Long term Liability or fixed Liabilities

☛ Contingent Liabilities