3JM Company Inc. . . The balance sheet is the most familiar of the five components as it is the one most often received when financial information is requested. The balance sheet is a snapshot in time. All the information shown on the balance sheet represents just one day in the life of the business.
Assets are either tangible or intangible.
Tangible assets have a physical substance or form whereas intangible assets do not and are therefore difficult to evaluate. These include cash, securities, inventory, accounts receivable, etc. These include land, buildings, equipment, vehicles, fixtures and can include securities. Intangible assets are those that have value to the company but it is difficult to determine what the market value is due to lack of substance or form. These include patents, copyrights, customer lists, trademarks, etc.