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The balance sheet
part5s of a balance sheet
Question | Answer |
---|---|
drawings | money or assets taken out of a business for the owner's use. |
current assets | short term assets that can quickly be changed into cash. |
mortgage | long term loan bases on using property as security. |
debtors | people or businesses that owe money to an organisation. |
assets | items in a balance sheet that an organisation owns or is owed. |
current liabilities | debts that a business must pay in short term. |
fixed assets | assets with the life of more thatn one year. |
balance sheet | statement showing the financial position of an organisation. |