Balance Sheet

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What do fixed assets consist of?
Buildings, Vehicles Machinery
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What does Current Assets consist of?
Stock Debtors Bank Cash
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What does Current Liability consist of?
Trade Creditors and Bank Overdraft
3 of 7
Whats does Long Term Liabilities consist of
Mortgage and Bank Loan (Over a year)
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Define Current Liabilities
Short term DEBTS that the business owes and will have to pay within under one year from balance sheet date. They should be paid out of current assets.
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Define Current Assets
Are short term assets actual cash or what should become cash within on year from the balance sheet date they are cash and cash equivalent which are used to cover current liabilities
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Define Fixed Assets
Are Long term assets it is what the business owns and expects to keep and use for more than one year. They do not expect to have to turn them into cash.
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Other cards in this set

Card 2

Front

What does Current Assets consist of?

Back

Stock Debtors Bank Cash

Card 3

Front

What does Current Liability consist of?

Back

Preview of the front of card 3

Card 4

Front

Whats does Long Term Liabilities consist of

Back

Preview of the front of card 4

Card 5

Front

Define Current Liabilities

Back

Preview of the front of card 5
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Comments

davidsalter

A useful set of flashcards that can be used to test your knowledge or for revision purposes. Good for definitions of the main parts of the balance sheet.

pickleboi123

purrty lejit

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