Chapter 34, Statement of financial position Flashcards
1
Q
Statement of financial position
A
a method of recording the value or wealth of a business at a given moment in time
2
Q
Assets
A
what the business owns
3
Q
Liabilities
A
what the business owes
4
Q
Current Liabilities
A
less than one year
5
Q
Non-current liabilities
A
money owed for more than one year
6
Q
Liquitidy
A
the ability to convert assets into cash
