What Are Assets and Liabilities? Where Is True North? (Accounting That my Sister Would Understand)

Express Accounts will be base around the following:

The singular focus of financial accounting and reporting should be on cash, that is, cash itself, contractual claims to cash, things (assets) that can be converted into cash, and obligations to pay cash, and that assets and liabilities should be stated at fair value in corporate balance sheets. I call this formulationTrue North.

Schuetze, Walter P.