Chapter 34, Statement of financial position Flashcards Preview

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Flashcards in Chapter 34, Statement of financial position Deck (6):
1

Statement of financial position

a method of recording the value or wealth of a business at a given moment in time

2

Assets

what the business owns

3

Liabilities

what the business owes

4

Current Liabilities

less than one year

5

Non-current liabilities

money owed for more than one year

6

Liquitidy

the ability to convert assets into cash