Gross Fixed Assets are any assets on the balance sheet considered to have a life or usefulness in excess of one year. Common examples include land, buildings, and machinery. Gross Fixed Assets do not include depreciation . Accounts payable is a common current liability. Don't confuse liabilities with expenses.
Expenses are the costs of doing business.
Liabilities are accrued expenses, expenses that have added up over time. For example, mortgage balance is a liability, but monthly mortgage payments are expenses. Expenses show up on an Income Statement and liabilities show up on a Balance Sheet. Other Terms Accounting is a method of gathering financial information and reporting on the activities of a business. The ultimate end product of accounting is NOT good financial reports.