A company's balance sheet is comprised of assets, liabilities, and equity. Assets represent things of value that a company owns and has in its possession, or something that will be received and can be measured objectively. Liabilities are what a company owes to others— creditors, suppliers, tax authorities, employees, etc.

Common balance sheet items include cash, accounts receivable, inventory, property, plant, equipment (PP&E), accounts payable, long-term debt, common stock, and retained earnings.