A balance sheet list is a financial document that outlines the ASSETS, liabilities, and equity of a company. ASSETS are items of value owned by the company, such as cash, inventory, and property. Liabilities are debts or obligations owed by the company, such as loans and accounts payable. Equity is the difference between ASSETS and liabilities, and is also known as net worth. The term 'ASSETS' is a six-letter word used to describe the items of value owned by a company on a balance sheet list.