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The Accounting Eq
UNIT 3 CH 2
| Question | Answer |
|---|---|
| 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 |
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