Current Assets:
Current assets are those assets which are convertible into cash within a short time period i.e., within one year. Debtors, Cash, Bills Receivables, Stock etc. may be termed as current assets.
Fixed Assets:
Fixed assets are those assets which are holed for a long time period i.e., for more than one year and which generate income over a period of time. Building, Machines, Land etc. may be termed as fixed assets.
Current Liabilities:
Current liabilities are those liabilities which may liable to pay within a short time period i.e., within one year. Bank Overdraft, Creditors, Bills Payable etc. may be termed as current liabilities.
Fixed Liabilities:
Fixed liabilities are those liabilities which may liable to pay in a long time period i.e., after one year. Long term Bank Loan, Debentures etc. may be termed as fixed liabilities.