Chapter 2 - Accounting Terms 4.0 / 5 based on 1 rating ? AccountingBook keepingUniversityOther Created by: Tom SamuelsCreated on: 01-02-17 20:34 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
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