Final Accounts

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7 Terms

1
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Opening Statement

Shows income and expenses.

2
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Statement of Financial Position

Snapshot of assets, liability and equity

3
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Fixed Assets

Long-term resources. E.g. Buildings

4
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Current Assets

Short-term, turned into cash within a year.

5
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Current Liabilities

Short-term debts

6
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Financed Buy

Sources of long-term finance. E.g. capital

7
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Opening Statement

Day to day income and expenses. E.g. sales