Assets Flashcards
1
Q
Assets are owned and controlled by what?
A
The business
2
Q
What can assets include?
A
Premises, equipment for office, cars, cash, inventory, receivables (money owed by cust)
3
Q
Who owns liabilities?
A
Liabilities are opened by the business
4
Q
What can liability include ?
A
Business loan, payables, liabilities owed for VAT OR TAX, bank balance
5
Q
What are drawings ?
A
Drawings are money or goods taken from the business by the owner for their own use
6
Q
What does capital relate to?
A
Money, assets, invested by the business owner
7
Q
Example of capital
A
Cash, motor vechilee, office equipment, et
8
Q
What is the capital amount owed to?
A
Owed back to the business owner and is therefore a liability of the business
