1. Non-current liability : A liability, which is to be paid during the period of more than one year by the business, is known as non-current liability. Non-current liability is treated as long-term liability also. Bank loan is treated as non-current (long-term) liability.
2. Assets : Assets means any such tangible or intangible products or items which are of ownership of business and has economic value. In short, products or items having realizable value owned by the business, are known as assets. Cash, land & building, computers, stock, furniture, goodwill, patent, etc. are assets of the business.
3. Tangible assets : Tangible assets are those assets which are having physical existence. Tangible assets are sub-category of non-current assets. Land & Building, computers, stock, furniture, etc. are tangible assets.
4. Intangible assets : Intangible assets are those assets which are not having physical existence. Intangible assets are also sub-category of non-current assets. Goodwill, patent, trade mark, copyright, symbol of business, etc. are intangible assets.
