6622640
Descrição
FlashCards por Dylan Meares, atualizado more than 1 year ago
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Criado por Dylan Meares
aproximadamente 8 anos atrás
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| Questão | Responda |
| Capital | This is money the owner has invested in the business and any profits they have not drawn out of the business throughout the financial year |
| Fixed Assets (FA) | Items purchased by the business to help it to operate/ Have a life expectancy of more than one year. |
| Drawings | This is the money the owner(s) of the sole trader/partnership takes out of the business in order to pay for their living expenses. |
| Long Term Liabilities (LTL) | This consists of money the business owes to external parties which have a repayment period of longer than one year. |
| Current liabilities (CL) | These are the debts of the business - the money the business owes to other people |
| Creditors | If the business has purchased goods on credit these supplier become creditors of the business |
| Debtors | Customers who have received goods on credit and will have to pay for them in the future. |
| Stock | Items that have been purchased for resale within a financial year but have not yet been sold |
| Bank overdraft | If the business is spreading the bank's money the bank balance becomes a CL, as the business must at some stage pay the money back to the bank |
| Bank | This is the money the business has in its business bank account (credit balance) |
| Cash | This is notes and coins the business has available to spend |
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