Bookkeeping transactions CH4 Recording Credit Sales Flashcards
1
Q
What is the Statement of Financial Position?
A
A snapshot of the business at a point in time.
It show a businesses assets and liabilities
2
Q
What is the Statement of Profit or Loss?
A
A summary of a businesses trading activities over a period of time
Shows incomes and expenses
3
Q
What are non-current assets?
A
Assets a business will not sell in the short-term
4
Q
What are current asset?
A
Assets a business can easily sell in the short term
5
Q
What are non-current liabilities?
A
Money a business owes but does not have to be repaid in the short-term, not within a year
6
Q
What are current liabilities?
A
Money a business owes that needs to be paid in the short-term, within a year
