I always seem to muddle these up. Can someone please give me a good definition of each, along with examples that come in each category? Thanks.

I always seem to muddle these up. Can someone please give me a good definition of each, along with examples that come in each category? Thanks.

aseets add value, liabilities take it away, revenue is cash flow in, expenses is cash flow out

aseets add value, liabilities take it away, revenue is cash flow in, expenses is cash flow out

thanks, but what do you mean by 'add value'?

well they are something that will contribute value to the business over time, i.e. plant and machinery are a means of production, buildings are a base for business operations, cash is essential to fund operations, vehicles facilitate transport. Net Assets = Equity