Stockholders' declarations on the resources of the corporation can be expressed as assets and liabilities.
In its easiest form, your balance sheet can be divided into two form-assets and liabilities. Assets are the things your company owns that can deliver future economic benefits. Liabilities are what you owe other groups. In brief, assets put money in your pocket, and liabilities carry money out.
In further words, assets are objects that benefit a company economically, such as inventory, buildings, and cash. They aid a business manufacture goods and providing services, now and in the future. Liabilities are a company's responsibilities—either money owed or services not yet performed.
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