week 2 Flashcards
(7 cards)
1
Q
Assets
A
resources under control of the business, which it will use to generate profit
2
Q
liabilities
A
amounts that business is obliged to pay to others
3
Q
capital
A
amount invested in business by owner
4
Q
trade receiveables
A
amounts owed to business from others
5
Q
inventory
A
stock
6
Q
assets =
A
capital + liabilities
7
Q
assets = (equity)
A
equity + liabilities
