Balance sheet Flashcards
1
Q
Balance sheet
A
Accounting report that sets out the assets, liabilities and equity of a business at a particular point in time
2
Q
Current Assets
A
Economic resources controlled by the entity - normally expected or intended to be turned into cash or used within 12 months
3
Q
Non - current assets
A
Usually acquired with the intention of controlling them for a period of time greater than 12 months for the purpose of generating income for the business
4
Q
Current liabilities
A
Future economic sacrifices due within the next 12 months
5
Q
Non-current liabilities
A
Longer term obligations and are also known as deferred liabilities. Debts, where payment has been deferred over a period greater than 12 months.
