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Assets And Liabilities - Which Are Which?

Stock shelvesSpraying
Picture 1Picture 2

To find out more about the way the accounts department works, why not have a look at the accounts explanation section?

What current assets can you see in picture 1?


What other current assets are there?

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In what circumstances might purchase of these assets also have led to a current liability? (N.B. Think how they can buy it if they don't have the cash in the bank.)

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Picture 2 is of the artwork being sprayed on to a balloon. What fixed assets and what current assets would you expect there be in this department? (N.B. Give each of the assets in detail - not the general heading it comes under.)

Fixed AssetsCurrent Assets
  










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