2.1.3 Liability

Question 1

define assets

Answer 1

something that a business owns that has value

Question 2

define current assets

Answer 2

within 12 months

Question 3

define long term assets

Answer 3

over 12 months

Question 4

define limited liability

Answer 4

owner and firm are seen as same legal entity

Question 5

define unlimited liability

Answer 5

owner and firm seen as separate legal entities