1
Q
balance sheet
A
financial statement that shows a business’s financial position at a specific date.
2
Q
3 Main Sections of a Balance Sheet:
A
Assets
Liabilities
Equity
3
Q
asset
A
item of value owned by business
4
Q
fixed non current asset
A
assets that remain
in the business for more than a year
5
Q
current asset
A
assets that can be converted into cash within one year.
6
Q
Liabilities
A
the debts owed by the business to its creditors.
7
Q
Long-term/Non-current liabilities
A
they do not have to be
repaid within a year.
8
Q
Short-term/Current liabilities
A
these
need to be repaid within a year.
9
Q
working capital
A
10
Q
A
11
Q
A
Igcse Business
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