Assets And Liabilities Flashcards
1
Q
Current assets
A
Items bought or used up regularly
E.g raw materials or debtors
2
Q
Long term liabilities
A
Debts that are not due to be paid back in full within 1 year
Examples
Mortgages and long term loans
3
Q
Current liabilities
A
Debts that are due to be paid back within a year
Examples
Creditors and overdrafts
4
Q
Fixed Assets
A
These items are often expensive but last for a long time
Examples
Buildings and vehicles
