It is accurate to say that a balance sheet lists a property, liabilities, and owners' capital at a certain period.
In a nutshell, yes—cash is the top item on a business's balance sheet and a current asset. The easiest way to acquire other assets is by using cash, because it is the most flexible sort of asset. The simplicity at whereas a property can be turned into cash is known as liquidity.
A liability is typically something owed to another person. The definition of duty is a risk or responsibility that is imposed by law. In their accounting records, companies discriminate between liabilities and assets.
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