Chapter 24 Flashcards
1
Q
Balance sheet
A
Shows the value of a business’s assets and liabilities at a particular point in time.
Sometimes referred to as ‘Statement of financial position’
2
Q
Assets
A
These are items of value owned by the business. Can be fixed (non-current) or short-
term current assets.
3
Q
Liabilities
A
Debts owed by the business
4
Q
Current liabilities
A
Short-term debts owed by the business.
5
Q
Non-current liabilities
A
Long-term debts owed by the business.
6
Q
Current assets
A
Items of value owned by the business and used within one vear.
7
Q
Non-current assets
A
Items owned by the business for more than one year.
