If Pepe decided to purchase a new delivery van then it would be a new fixed asset of the business. Current Assets - These are items which are much shorter term. The value of these items change in proportion to the amount of trade that a business engages in. This stock would be a current asset of the business. What this simply means is that assets of this type are much easier to turn into cash.
Liabilities are amounts that are owed by a business.
These fall into two groups. Long term liabilities - These are loans that are repayable in more than one year. If the business premises were mortgaged, then that mortgage would be a long term liability. In addition, the capital put into the business by the owner would be looked on as money that is owed by the business to the owner. This again would be a long term liability.