Balance sheet - Liabilities and Assets Flashcards
1
Q
What does non- current assets mean?
A
Assets the Business owns long term e.g buildings.
2
Q
What does Current assets mean?
A
Assets the Business owns short term( sold on within a year) e.g stock.
3
Q
What is the equation for total current assets?
A
Non current assets + Current assets
4
Q
What does current liabilities mean?
A
Debts the business owes short term e.g overdraft.
