Balance sheet/ Statement of financial position Flashcards
1
Q
What does the layout of an balance sheet/ statement of financial position look like?
A
ASSETS
Non-current
Land and Buildings
Vehicles
Equipment
Current
Inventory(Closing)
Trade receivables(Debtors)
Bank
Cash
Petty Cash/Cash float
Prepaid expenses
Accrued income
TOTAL ASSETS
EQUITY AND LIABILITIES
Non-current liabilities
Long-term loan
Current liabilities
Trade payables(Creditors)
Bank overdraft
Accrued expenses
Prepaid income
Equity
Capital
+Net Profit
-Drawings
TOTAL EQUITY AND LIABILITIES
