ASSETS , LIABILITIES, ETC Flashcards by Nana K | Brainscape

Q

Where are assets and laibilities found

A

Staetemtn of Financial Position

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Q

What is an asset

A

thing you own

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Q

What is a liability

A

thing you owe

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Q

What does Current mean

A

Short Term

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Q

What does Short Term mean

A

Less than a year

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Q

What does Non Current mean

A

Long Term

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Q

What does Current Asset mean

A

a short term thing you own

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Q

Give examples of Current Assets

A

cash
inventory
debtors (owe you money

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Q

What is a Current Liability

A

short term thing you owe

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Q

Give examples of Current Liablities

A

Creditors/trade credit

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Q

What is a non current asset

A

long term thing you own

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Q

Examples of non current assets

A

vehicle
property /factory
land

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Q

Why is e.g a property a non current asset

A

because you want to own them for more than one year

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Q

What is a non current liablity

A

a long term thing you owe

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Q

Give examples of non current liability

A

mortgage
bank loan

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Q

What is another word for non current

A

FIXED

Q

The statement of financial position is also known as

A

BALANCE SHEET

Q

What does Long Term mean

A

more than a year