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The Accounting Eq

UNIT 3 CH 2

QuestionAnswer
liability e.g. bank overdraft, creditors, loan, mortgage
assets e.g. bank, debtors, stock, fixtures and fittings, vehicles, premises
balance sheet: an acc report that details the business's assets, liabilities + o.e at a particular point in time
classification: grouping together items that have some common characteristic
double entry accounting: a system that records two effects on the acc eq as a result of each transaction
current asset: a resource controlled by the entity as a result of past events, from which a future economic benefit is expected to flow to the entity in the next 12 months
NCA: a resource controlled by the entity as a result of past events, from which a future economic benefit is expected to flow to the entity for more than the next 12 months
current liability: a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits in the next 12 months
NCL: a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits in more than 12 months
Created by: 96.0