Assets And Liabilities - Which Are Which?

Picture 1	Picture 2

To find out more about the way the accounts department works, why not have a look at the accounts explanation section?

1. What current assets can you see in picture 1?
2. What other current assets are there?
3. In what circumstances might purchase of these assets also have led to a current liability? (N.B. Think how they can buy it if they don't have the cash in the bank.)
4. Picture 2 is of the artwork being sprayed on to a balloon. What fixed assets and what current assets would you expect there be in this department? (N.B. Give each of the assets in detail - not the general heading it comes under.)