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Balance Sheet

Profit and Loss Balance Sheet

TermDefinition
Assets Anything that we own
Liabilities Any debt that we owe
Share Capital The amount of investment provided by the shareholders
Fixed Assets Assets that the business owns that last for a long time (more than one year) E.g Machinery, Fixture and Fittings, Buildings/Premises, Vehicles
Current Assets Assets that the business owns that last for a short time (less than one year). Therefore they change from year to year E.g Stock, Closing Stock, Debtors, Cash
Current Liabilities Any debt that the business owes that is due for repayment within one year E.g Short term loan, bank overdraft, Creditors
Long-term Liabilities Any debt that the business owes that takes longer that one year to pay off E.g Long-term loan
Reserves Retained Profit- Taken from the Appropriation A/c
Created by: Mr_Roe_Econ
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