Year 10 Commerce Accounting

0.0(0)
Studied by 0 people
linked notesView linked note
call kaiCall Kai
Locked
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/10

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 10:03 PM on 5/14/25
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

11 Terms

1
New cards

Accounting Equation

Assets = Liabilities + Owner's Equity.

2
New cards

Assets

An item a business owns which holds value.

3
New cards

Liabilities

A debt a business owes to an outside party, external business.

4
New cards

Owner’s Equity

Owners value in the business, calculated as Assets - Liabilities.

5
New cards

Current Assets

Assets expected to be used or turned into cash within 12 months.

6
New cards

Non-Current Assets

Assets that will provide value to the business for more than 12 months.

7
New cards

Current Liabilities

Debts owed within 12 months.

8
New cards

Non-Current Liabilities

Debts owed beyond 12 months.

9
New cards

Bank Overdraft

Borrowing money from the bank (short-term loan)

10
New cards

Creditor

A person or business the business owes money to

11
New cards

Debtor

A person or business who owes money to the business