Daniel1985

Post, because this topic is new to you, you're going to have to spend extra time familiarizing yourself with the major financial statements: balance sheet, income statement and cash flow statement, each of which is a complement to the other.

Assets and liabilities are balance sheet items, while revenues and expenses appear on the income statement.

Review the material a few more times and come back with some more focused questions. If you're still struggling after a few more weeks, consider participating in a preparatory class or workshop to help bring you up to speed.