How to differentiate between company assets and liabilities?

How to differentiate between company assets and liabilities?

Definition of Assets and Liabilities:
Assets are the properties or valuable items owned by a company that are expected to generate future income.
Generally, if effectively utilized, future income is possible.
Liabilities are the company's borrowings or any obligations for repayment.
Depending on the nature of the obligation, it can be short-term or long-term.

Types of Assets and Liabilities:
Non-current Assets
Current Assets
Non-current Liabilities
Current Liabilities

How to calculate Assets and Liabilities:
Assets = Liabilities + Owner's Equity

Liabilities = Assets - Owner's Equity

Depreciation for Assets and Liabilities:
Assets:
All fixed (non-current) assets are subject to depreciation.
Examples include goods, cash, bank deposits, investments, accounts receivable, buildings, land, vehicles, furniture, copyrights, goodwill, etc.

Liabilities:
Depreciation applies only to assets; liabilities are not depreciable.
Examples of liabilities include accounts payable, bank overdrafts, accrued interest payable, short-term and long-term debts, real estate mortgages, etc.