1.

An asset is a resource with economic value that an individual, corporation or

country owns or controls with the expectation that it will provide future benefit.
Assets are reported on a company's balance sheet, and they are bought or
created to increase the value of a firm or benefit the firm's operations. An asset
can be thought of as something that in the future can generate cash flow, reduce
expenses, improve sales, regardless of whether it's a company's manufacturing
equipment or a patent on a particular technology.
2. Liabilities is a business obligations incurred but
not discharged and entered as claims on the assets shown on
the balance sheet
3. Owner's equity is one of the three main components of a sole proprietorship's
balance sheet and accounting equation. Owner's equity represents the owner's
investment in the business minus the owner's draws or withdrawals from the
business plus the net income (or minus the net loss) since the business began.
Mathematically, the amount of owner's equity is the amount of assets minus the
amount of liabilities. Since the amounts must follow the cost principle (and
others) the amount of owner's equity does not represent the current fair market
value of the business.
4. A balance sheet is a financial statement that summarizes a company's assets, liabilities
and shareholders' equity at a specific point in time. These three balance sheet segments
give investors an idea as to what the company owns and owes, as well as the amount
invested by shareholders.

5. An income statement is a financial statement that reports a company's financial

performance over a specific accounting period. Financial performance is
assessed by giving a summary of how the business incurs its revenues and
expenses through both operating and non-operating activities. It also shows the
net profit or loss incurred over a specific accounting period.
6. An income statement is a financial statement that reports a company's financial
performance over a specific accounting period. Financial performance is
assessed by giving a summary of how the business incurs its revenues and
expenses through both operating and non-operating activities. It also shows the
net profit or loss incurred over a specific accounting period.
http://www.investopedia.com/terms/a/asset.asp

https://www.collinsdictionary.com/dictionary/english/liabilities

https://www.accountingcoach.com/blog/what-is-owners-equity

http://www.investopedia.com/terms/b/balancesheet.asp

http://www.investopedia.com/terms/i/incomestatement.asp

http://www.investopedia.com/terms/i/incomestatement.asp

For examples:

Ref: https://www.accountingcoach.com/balance-sheet/explanation/4

http://www.myaccountingcourse.com/financial-statements/income-statement

http://www.investopedia.com/ask/answers/032615/what-are-some-examples-cash-flow-operating-
activities.asp