The following is a list of balance sheet classifications and descriptions:
a. Current asset
b. Long-term investment
c. Fixed asset
d. Intangible asset
e. Other asset
f. Current liability
g. Long-term liability
h. Capital stock
i. Retained earnings
1. An obligation that is reasonably expected to be satisfied within the normal operations of business.
2. An investment in the common stock or bonds of another entity that the company does not in- tend to sell within one year.
3. Assets that do not fit into a particular classification of assets (for example, deferred tax liability).
4. An obligation that is not expected to be satisfied within one year.5. The portion of equity contributed by stockholders through the purchase of stock, which includes common stock and preferred stock.
6. Resources that are reasonably expected to be converted to cash or consumed during the normal operations of business.
7. Tangible resources that are used in the company's operations for more than one year and are not intended for resale.
8. The profits that a company earns over time and retains in the business.
9. Resources to be used in the company's operations for more than one year that have no physical substance.