Chapter 24 Flashcards
1
Q
Assets
A
These are items of value owned by the business. Can be fixed (non-current) or short-term current assets.
2
Q
Balance sheet
A
Shows the value of a business’s assets and liabilities at a particular time. It is sometimes referred to as a Statement of financial position.
3
Q
Liablities
A
Debts owned 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 year
7
Q
Non-current assets
A
Items owned by the business for more than one year
