what are assets and liabilities vs income and expenses
Income is revenue that your business earns. This can be operating revenue from the goods or services that your business sells, or passive revenue from things like investments. Expenses are the outflow of funds from your business to pay for goods and services that your business uses. Liabilities are simply amounts that your business owes to other parties. These can be simple bank debts, or other things like unpaid expenses.
Assets are things of value that your business owns. An asset can be something tangible like cash, a building, or a piece of equipment. Or it can be something intangible, like intellectual property or goodwill.