Chapter 2 - Accounting Terms

Assets
Items of value to the business
1 of 7
Non-current assets
Assets to be used over long term, E.G; Vehicle, Premises
2 of 7
Current Assets
Short term assets/Liquid funds, E.G; Trade receivables, Inventory, Bank deposit account
3 of 7
Capital
The claim of the owners on the assets of a business after all liabilities have been deducted/ Equity
4 of 7
Liabilities
Financial obligations of the business
5 of 7
Non-Current Liabilities
Long term financial obligations(+12 months), E.G; A loan or Debentures
6 of 7
Current Liabilities
Short term financial obligations( -12months), E.G; Trade payables, Overdrawn bank account
7 of 7

Other cards in this set

Card 2

Front

Assets to be used over long term, E.G; Vehicle, Premises

Back

Non-current assets

Card 3

Front

Short term assets/Liquid funds, E.G; Trade receivables, Inventory, Bank deposit account

Back

Preview of the back of card 3

Card 4

Front

The claim of the owners on the assets of a business after all liabilities have been deducted/ Equity

Back

Preview of the back of card 4

Card 5

Front

Financial obligations of the business

Back

Preview of the back of card 5
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