Balance Sheets Flashcards
1
Q
The balance sheet is also known as:
A
The statement of financial position
2
Q
Current Assets
A
Assets to be used within the next 12 months
3
Q
Non - current Assets
A
Assets that a company intends to keep for over 1 year
4
Q
A balance sheet is:
A
The statement of the net wealth of a company at a particular time
5
Q
Difference between assets and liabilities is known as:
A
Shareholders equity
6
Q
Working capital
A
Assets used to fund day to day running of the business
7
Q
Assets employed
A
Non-current assets + Working Capital
