balance sheet/ statement of financial position

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6 Terms

1
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what is non current assets

  • what the business owner with a lifespan of more than a year

  • they are used repeatedly as part of the firm’s operations and will not regularly be sold

2
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what are current assets

  • assets owned by the business which are likely to be turned into cash within one year

  • these assets constantly change form

3
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what are current liabilities

  • short term debts of the business

  • will have to be relayed within one year

4
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what are long term liabilities

  • debts that need to be repaid but not within one year

5
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what are capital and reserves

shows how the assets and business have been financed

6
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what is total equity

  • funds provided by the owners to fund the expansion and purchase non-current assets in the form for share capital and reserves