Companies have a significant amount of investment in long-lived assets, which include property, plant, and equipment (commonly referred to as plant assets); and intangible assets. We will also discuss different types of liabilities and understand how to account for and report those liabilities. As we look at the Course Project and the Apple and Micrsoft Balance Sheets we also know that all business entities have some combination of fixed assets (buildings, land, equipment, furniture, fixture), inventory together with liquid investments such as cash, money market accounts, stock investments and accounts receivable and also intangible assets such as goodwill, patents and trademarks. On the liability side, there will always be accounts payable, loan payables, income tax payable, etc. These are also broken down between current liabilities and long-term liabilities