Assets And Liabilities - Which Are Which?

A printable version of this photos and questions is available for filling in answers.

Picture 1	Picture 2

To find out more about the way the accounts department works, why not have a look at the accounts explanation section?

1. What current assets can you see in picture 1?
2. What other current assets are there?
3. Explain the difference between an asset and a liability. What liabilities is Cameron Balloons likely to have?
4. Picture 2 is of the artwork being sprayed on to a balloon. What fixed assets and what current assets would you expect there be in this department? (N.B. Give each of the assets in detail - not the general heading it comes under.)