Ch 33 - Key term 0.0 / 5 ? Business Studies-IGCSENone Created by: a f.vCreated on: 10-12-14 11:10 Assets Resources used or owned by the business in production 1 of 11 Balance sheet A summary at a point in time of business assets, liabilities and capital 2 of 11 Capital A source of funds provided by the owners of the business used to buy assets 3 of 11 Current assets Assets likely to be changed into cash within a year 4 of 11 Current liabilities Debts that have to be repaid within a year 5 of 11 Drawings The money taken from the business by the owner for personal use 6 of 11 Fixed assets Assets with a life span of more than one year 7 of 11 Liabilities The debt of the business provide a source of funds 8 of 11 Long term liabilities Debts that are playable after 12 months 9 of 11 Net assets The total at the bottom of the first part of the balance sheet. It is the value of all assets less the value of all liabilities 10 of 11 Net current assets Current assets minus current liabilities. Also know as working capital 11 of 11
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