Important

Hi,

Some Examples of Assets - Land & Building,Plant & Machinery,furniture etc etc(All fixed assets)

                                                    Cash or Bank Balance,Stock,Bills Receivable (All Current Assest)

Some Examples of Expenses - Salary to Employees,Wages to Casual workers,Electricity Bills,Insurance Premium,interest on loan,Commission paid etc etc.Pls note that payment made against acquring any asset(Land,building,furniture) are "not" expenses.

Some Examples of Liabilities - Creditors,Bank Loan,Bank Overdraft,Bills Payable etc etc

Some Examples of Income - Interest on Bank Balance,Interest on Loan(Received),Commission Received etc etc.