Assets are probable future economic beneits obtained or controlled by a particular entity as a result of past transactions or events. Assets Balance Sheet [Arithmetic] Balance Sheet [Hypercube] Balance Sheet [Line Items] Equity or net assets is the residual interest in the assets of an entity that remains after deducting its liabilities. In a business enterprise, the equity is the ownership interest. Equity Liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Liabilities