State,ent if financial position Flashcards
1
Q
What can assets be spit into
A
- Current
- non current
2
Q
What is a current assset
A
- short term,
- they will be owned for, or last for, less than a year
3
Q
Examples of current assets
A
- stock
- raw materials
- and cash.
4
Q
what Is a non current asset
A
- Fixed (non-current) assets are long term,
- they will be owned, or last for, more than a year
5
Q
Examples of non current assets
A
- vehicles, equipment and buildings.
6
Q
What are the two types of liability
A
Fixed and non fixed
7
Q
What are current liabilities
A
- are any debts a business owes that will need to be paid back within a year
8
Q
Examples of current liabilities
A
- overdraft,
- trade credit
- short-term business loan.
9
Q
what are non current assets
A
- are long term
- they will be owned, or last for, more than a year
10
Q
exampl of non current liabilities
A
11
Q
exampl of non current liabilities
A
