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.
Business IGCSE (compleate)
flashcards
Decks in class (28)
# Cards
-
Chapter 111
-
Chapter 29
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Chapter 323
-
Chapter 415
-
Chapter 512
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Chapter 622
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Chapter 713
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Chapter 820
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Chapter 913
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Chapter 107
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Chapter 119
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Chapter 127
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Chapter 139
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Chapter 146
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Chapter 152
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Chapter 161
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Chapter 179
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Chapter 189
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Chapter 194
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Chapter 202
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Chapter 219
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Chapter 2210
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Chapter 2312
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Chapter 247
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Chapter 253
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Chapter 2621
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Chapter 2713
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Chapter 288
