Balance Sheet - A balance sheet is a part of a financial statement that shows the financial position of a business entity. The balance sheet shows the business entity's assets, liabilities, and equity on a particular date. Income Accrued - Income accrued means a part of the current year's income that is earned but not received on a due date. Income accrued is an asset for a business entity and is shown in the asset side of a balance sheet. For example - Interest receivableAdditional InformationContingent Liability - Contingent liability refers to a prospective liability that may arise in the future as a result of the occurrence or non-occurrence of certain events. For example - Suits that are pending. Liabilities - A liability is a financial obligation that a person or a company owes to another party. Liabilities are settled by transferring economic benefits such as cash and cash equivalent, goods, and services. For example - Bank loan, creditors, etc. Contingent Assets - A contingent asset refers to a prospective asset that may arise in the future as a result of the occurrence or non-occurrence of certain events. For example - Suits that are pending.