Statement of Financial Position Flashcards
0
Q
Shows…
A
The wealth and resources of a firm
1
Q
Also known as??
A
A Balance Sheet
2
Q
It is a…
A
Snapshot of the business
3
Q
Includes…
A
Assets (Cash and current and non current assets) and Liabilities and reserves (capital, reserves- including profit and current and non current liabilities)
4
Q
How it works…
A
The assets should equal the liabilities
5
Q
Assets?
A
Future benefits
Current- gained with in 12 months e.g Inventory
Non-current -gained longer than 12 months, e.g machinery
