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balance sheet terms

QuestionAnswer
what are drawings? money or assets taken out of the business by the owner for their personal use.
what are current assets? short term assets that can be quickly turned into cash.
what is a mortgage? long term loan based on using property as security.
what are debtors? people or businesses that owe money to an organisation.
what are current liabilties? debts that a business must pay in the short term.
what are fixed assets? assets with a life of more that one year.
what is a balance sheet? statement showing the financial position of the oraganisation.
Created by: Boydj1
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